Bitcoin Eyes Breakout Rally to $107K Amid $597M ETF Inflows
Will the rising inflows into U.S. Bitcoin spot ETFs drive an inverted head-and-shoulder breakout rally to $107K?
Despite increased price fluctuations near the $100,000 mark, Bitcoin maintains an overall optimistic trend. Currently, Bitcoin is trading at $100,053, just shy of the $2 trillion market cap.
Technical setups indicate underlying bullish sentiment, suggesting a potential breakout rally.
Bitcoin Price Analysis
On the 4-hour chart, Bitcoin’s price trend shows a bullish breakout from a triangle pattern. However, the rally failed to surpass the critical local resistance at $101,642.
The supply zone now serves as the neckline of a bullish setup. Bitcoin’s price action is forming an inverted head-and-shoulder pattern and is currently in the process of forming the right shoulder.
The minor pullback during the formation of the right shoulder is seen as a retest of the previously broken resistance trendline. With the bullish setup and the post-retest reversal potential, the sentiment remains optimistic.
This minor pullback has led to a convergence of the MACD and signal line, warning of a potential bearish crossover. However, key dynamic support levels, such as the 20 EMA on the 4-hour chart, are observing a surge in supply.
BlackRock Purchases $431.6M Worth of Bitcoin, ETF Inflows Hit $597.57M
Despite the minor pullback, institutional support continues to grow. On December 12, the total net inflow of U.S. Bitcoin ETFs reached $597.57 million. The main character in the buying spree remains BlackRock, with an inflow of $431.60 million.
Following BlackRock, Grayscale’s mini Bitcoin ETF accumulated $110.76 million worth of Bitcoin, while GBTC sold off $48.40 million.
Bullish Setup Targets $107k
The 4-hour candle shows a 0.32% recovery, hinting at a potential reversal. If the inverted head-and-shoulder pattern breaks out bullishly, Bitcoin’s price could reach a new all-time high, surpassing the $103,102 level or the 38.20% Fibonacci retracement.
Based on the technical setup, the bull run could target $107,777. However, resistance around the 50% Fibonacci level at $106,912 may act as an intermediary target.
On the flip side, if there’s an extended pullback, the 23.60% Fibonacci level at $98,369 will be a key support level.
#BTC #bitcoin100k #Cryptomarket #cryptocurrency #CryptoNews

Bitcoin Struggles to Break $100K Amid Liquidity Decline and Nvidia Stock Slump

Bitcoin (BTC), the flagship cryptocurrency, is grappling with resistance at the $100,000 mark. Over the past three weeks, its price has hovered in the $90,000–$100,000 range, raising questions about its ability to sustain its bullish momentum.
Analysts have identified two primary factors contributing to Bitcoin’s price stagnation: a significant decline in liquidity inflows and a concerning slump in Nvidia’s (NVDA) stock.
Let’s delve into these factors to understand the challenges Bitcoin faces in breaking through the psychological $100,000 barrier.
Liquidity Inflows Decline: A Key Factor Impacting Bitcoin’s Momentum
One of the main reasons Bitcoin struggles to break $100K is the sharp decline in liquidity inflows. Liquidity is the lifeblood of any financial market, and its reduction directly impacts market activity and price movements.
Data from 10X Research reveals that the market liquidity impulse index—a composite metric tracking stablecoin issuance, spot BTC ETF inflows, and futures market changes—has plummeted by over 50%. From a high of $15 billion in early November, the index now stands at $7 billion.
Spot ETFs and Stablecoin Issuance in Decline
Spot exchange-traded funds (ETFs), often touted as game-changers for cryptocurrency adoption, have seen reduced inflows. Analysts suggest that this could be due to macroeconomic uncertainties and investor hesitation as the market grapples with volatile conditions.
Additionally, stablecoin issuance—a critical liquidity provider in crypto markets—has decreased.
Stablecoins like USDT and USDC are commonly used to facilitate trading, and their lower issuance signals diminished trading activity and reduced demand for Bitcoin.
Implications for the BTC Market
The declining liquidity has a cascading effect on Bitcoin’s price action. Lower inflows lead to reduced buying pressure, making it harder for BTC to sustain upward momentum.
Furthermore, with liquidity providers stepping back, the market becomes more susceptible to price volatility and external shocks.
Nvidia Stock Slump: A Surprising Correlation with Bitcoin
Bitcoin’s recent price action has shown a strong positive correlation with Nvidia’s stock, highlighting the interconnectedness between tech equities and cryptocurrency markets.
Since bottoming out in 2022, both assets have often moved in tandem, with their current three-month correlation at 0.6.
Why Nvidia Matters to Bitcoin
Nvidia has become a key player in the cryptocurrency ecosystem, especially due to its role in GPU manufacturing for mining operations.
A slump in Nvidia’s stock signals broader tech market challenges, which could dampen investor sentiment across correlated assets like Bitcoin.
Recent concerns over AI market saturation and reduced GPU demand have contributed to Nvidia’s stock decline. This has indirectly affected Bitcoin, as investors reassess risk exposure to high-growth, volatile assets in both tech and crypto sectors.
Market Sentiment and the Correlation
The correlation between Bitcoin and Nvidia highlights how intertwined global financial markets have become. When major tech stocks like Nvidia experience turbulence, it often spills over into the crypto space, as both asset classes share overlapping investor profiles.
Broader Market Implications
The dual impact of declining liquidity and Nvidia’s slump reflects broader challenges in the crypto market. Despite significant institutional interest in Bitcoin, the lack of sustained inflows suggests caution among investors.
Institutional Hesitation
Institutions have played a pivotal role in Bitcoin’s price surge over the past year, especially through products like spot ETFs. However, the current stagnation indicates that institutions are holding back, possibly awaiting regulatory clarity or better macroeconomic conditions.
Retail Investors and Volatility
Retail investors, who were once a driving force behind Bitcoin’s bull runs, appear to be less active in the current market. Reduced retail participation, combined with the liquidity crunch, makes the market more vulnerable to sharp price swings.
What’s Next for Bitcoin?
Bitcoin’s struggle to break $100K raises questions about its immediate future. While the current stagnation is concerning, analysts remain optimistic about Bitcoin’s long-term prospects.
Catalysts for a Breakout
Increased Liquidity: A resurgence in stablecoin issuance and ETF inflows could reignite Bitcoin’s upward momentum.
Macroeconomic Stability: A more favorable global economic environment may encourage risk-on sentiment among investors.
Regulatory Clarity: Progress in crypto regulations, particularly concerning ETFs, could attract institutional inflows.
Potential Risks
On the flip side, prolonged liquidity issues and further declines in correlated assets like Nvidia could keep Bitcoin under pressure. Additionally, heightened regulatory scrutiny or macroeconomic shocks could exacerbate market uncertainties.
Conclusion
Bitcoin’s current price stagnation highlights the interplay between liquidity dynamics and broader market factors, such as Nvidia’s stock performance.
While the $100,000 milestone remains elusive, the challenges are not insurmountable. As the crypto market matures, factors like increased liquidity, institutional interest, and technological advancements are likely to pave the way for future growth.
#bitcoin100k #cryptocurrencies #cryptomarket #Altcoins #Cryptonews

Tom Lee Reiterates Bitcoin's $250,000 Target For 2025, Says New White House Is 'Embracing' Digital Assets: 'We Have A Trump Put'

Prominent financial market commentator Tom Lee doubled down on his $250,000 price target for Bitcoin 4.00% in 2025 on Wednesday, thanks to a friendlier White House.
Lee, managing partner and head of research at Fundstrat Global Advisors, stated in a CNBC interview that the leading cryptocurrency faced numerous regulatory pressures in the last few years, but the new White House is "embracing" digital assets.
"A new SEC Chair, a new FTC Chair, a new commerce secretary—I think these are being viewed as pro-business reviving animal spirits, but I think a good proxy is watching Bitcoin," Lee said.
When asked about Bitcoin’s price target in 2025, the analyst replied that it would follow the halving cycle, implying a level somewhere around $250,000.
"On top of that, we have a Trump put because Bitcoin is potentially a strategic reserve asset for the U.S.," Lee said.
Lee's latest remark reiterated his earlier projections of the marquee digital asset hitting $250,000 by 2025-end.
He also accurately called Bitcoin's breach above $100,000 last week.
As the leading cryptocurrency eventually hit the historic milestone, Lee said it could be a precursor to a bullish stock market, setting a target of 6,300 for the S&P 500 by year-end.
Price Action:  At the time of writing, Bitcoin was exchanging hands at $101,029.29, up 4% in the last 24 hours.
#bitcoin100k #btc250000k #Predictionexpert #cryptomarket #CryptoNews

Vancouver Approves Motion to Explore Bitcoin as a Reserve Asset

City staff are now charged with conducting a thorough analysis of this proposal.
The Vancouver City Council has approved a motion to make the city "Bitcoin-friendly."
Mayor Sim advocates for the adoption of Bitcoin as a means to protect the city’s purchasing power from inflationary pressures.
Vancouver City Council has greenlit a proposal to explore the incorporation of Bitcoin into municipal financial operations, including the possibility of holding Bitcoin as a reserve asset and accepting it for payments.
The motion, submitted by Mayor Ken Sim, passed during a council meeting on Wednesday with the support of six councilors, effectively directing city staff to explore the feasibility of making Vancouver a “Bitcoin-friendly city.”
Mayor Sim, who owns shares in Coinbase Global Inc., believes that adopting Bitcoin as part of the city’s financial strategy will help safeguard its purchasing power against inflation. He has pledged to donate $10,000 worth of Bitcoin to the city.
“Our family is going to donate $10,000 to the City of Vancouver in the form of bitcoin and this is going to be a gift to the city that we love,” he said during the meeting. “We totally believe in the benefits of this and we’re putting our money where our mouth is.”
The proposal has faced opposition from local experts and government officials due to Bitcoin’s price volatility.
The Ministry of Housing and Municipal Affairs stated that neither the Community Charter nor the Vancouver Charter recognizes crypto as payment for “municipal services or other transactions.”
The ministry also confirmed that local governments cannot hold financial reserves in digital assets.
Green Councilor Pete Fry, who opposed the motion, expressed concerns about illicit activities.
“In the absence of any really specific acknowledgement of … the very serious issues around money laundering and the history in this city, I don’t think this is a step in the right direction,” he said.
City staff is now tasked with analyzing the initiative and delivering a detailed report by the end of Q1 2025, examining the risks, benefits, and practical considerations of Bitcoin asset management.
The plan includes consulting with financial advisors, crypto experts, and community stakeholders.
The push for Bitcoin adoption has been on the rise since Donald Trump’s election victory. Trump has expressed intentions to create a more favorable regulatory environment for the crypto industry.
The trend is now expanding on a global scale, with discussions around a strategic Bitcoin reserve gaining traction among other nations’ lawmakers.
Last month, Switzerland’s Canton of Bern passed a proposal to explore Bitcoin mining as a solution to excess energy utilization and power grid stabilization.
#Vancouver #Bitcoinfriendly #bitcoin100k #BitcoinCity #CryptoNews

El Salvador’s Bitcoin Gain Passed $333 million

Salvadoran President Nayib Bukele took to social media to draw attention to the nation’s unrealized profits from its Bitcoin following the cryptocurrency’s first-ever $100,000 surge.
The cryptocurrency community celebrated when Bitcoin hit $100,000 for the first time this month.  Bukele was asked to share El Salvador’s Bitcoin portfolio.
In response, Bukele posted on X the amount of Bitcoin held by the nation. His most recent report showed the nation has spent almost $270 million on Bitcoin since it first adopted the cryptocurrency.
The unrealized gains totaled over $333 million, and no Bitcoin has been sold. Bitcoin was first accepted as legal tender in El Salvador.
El Salvador had been on a Bitcoin buying spree ever since Bukele committed to purchasing one Bitcoin every day on the 17th of 2022, announcing a dollar-cost averaging (DCA) strategy.
According to the website Nayib Tracker, which tracks the nation’s Bitcoin holdings, El Salvador has 6,180 BTC.
The average price to buy Bitcoin is $44,740, which indicates that the nation has experienced a 122 percent increase in market prices.
El Salvador has reported additional advantages since embracing Bitcoin in addition to BTC profit. The nation’s adoption of Bitcoin increased travel as well.
The International Monetary Fund (IMF) has continuously urged El Salvador to reevaluate its Bitcoin policies, notwithstanding the nation’s alleged success.
The IMF acknowledged the potential for greater financial inclusion but requested that El Salvador cease accepting Bitcoin as legal tender on May 25, 2022, citing threats to financial stability
El Salvador was once again urged by the IMF to relax its Bitcoin regulations. Julie Kozack, IMF’s director of communications, suggested reducing the country’s Bitcoin Law’s reach and limiting the public sector’s exposure to the cryptocurrency.
#ElSalvadorCryptoWealth #bitcoin100k #cryptomarket #ElSalvadorBTC #CryptoNews

Bitcoin (BTC) Officially Crosses $100,000, Trades At $103,000

Bitcoin (BTC), the top cryptocurrency on the market by market capitalization, has officially crossed the $100,000 price target. The king coin has boomed to the biggest levels it has ever seen in record time, surging over 37% in the past month.
Since the outcome of the US election, Bitcoin’s fallout has been upwards, with bulls grabbing hold of BTC and pushing it to new highs.
Bitcoin received a boost over the last two days after announcements made by the Securities and Exchange Commission (SEC). The regulator’s chairman, Gary Gensler, and commissioner, Jaime Lizárraga both announced they will be stepping down in January.
The decisions were music to the ears of crypto enthusiasts, as the SEC has been the community’s biggest enemy due to its harsh regulation of crypto.
With Gensler and Lizárraga serving as the two most anti-crypto members of the SEC board, the regulator’s grip on crypto is weakening. This will only benefit crypto companies and investors who have been under SEC scrutiny for years.
Bitcoin Hits $100k All-Time High Amid Unprecedented November Rally
The cryptocurrency’s price increase boosted the overall market capitalization to a record $3.4 trillion, with BTC alone contributing over 56% of the total.
Other major tokens are also up, with Solana’s SOL climbing 8% to a fresh high above $260 amid ETF filings and speculative trading. Cardano’s ADA gained 12%, while XRP led the majors with a 25% spike.
For Bitcoin, its price surging to $100,000 wasn’t the only big news of the week. Spot Bitcoin ETFs have also boomed along with the king coin’s price this month. Indeed, US Spot Bitcoin ETFs hit $100 billion in net assets this week amid the crypto’s unprecedented growth.
The rise was led by BlackRock’s IBIT with $600 million and Fidelity’s FBTC with $300 million. No outflows were reported from any of the eleven available ETFs.
Bitcoin has soared roughly 40% since the presidential election on Nov. 5. Multiple analysts have raised their price predictions for BTC to above $100k after its explosive surge in November.
Leading cryptocurrency analyst Ali Charts has predicted that Bitcoin will end 2024 trading at a high of $135,000.
He shared a chart showing BTC is replicating its 2020 performance and will only move higher from here.
According to the forecast, BTC could hit $108,000 and drop to the $99,000 level thereafter. After the drop, Bitcoin could straight away skyrocket in the charts and reach a high of $135,000 by 2024’s end.
#Bitcoin #bitcoin100k #cryptomarket #cryptocurrencies #CryptoNews

Memecoins Up 95%, ADA, SOL, And DOT Follow With Strong Gains

In what has been one of the most bullish months of the year, asset manager and crypto exchange-traded fund (ETF) issuer VanEck released a report highlighting significant gains in the memecoin sector, alongside notable performances from major cryptocurrencies like Cardano (ADA), Solana (SOL), Polkadot (DOT), and Stellar (XLM).
Solana’s Ecosystem Thrives
According to VanEck’s analysis, Solana delivered a 42% return in November, with the SOL token hitting an all-time high of $262.
This increase was largely driven by a surge in on-chain trading activity related to memecoins, which led the general market rally with a 95% increase during the month.
This drove Solana’s revenues and decentralized exchange (DEX) volumes to unprecedented levels. In fact, Solana generated $177 million in revenue in November, doubling the previous month’s high of $74 million.
This rush of activity also benefited projects such as Jito and Pump.fun, which generated revenues of $185 million and over $92 million, respectively.
Jito operates as an on-chain application that generates revenue through maximal extracted value (MEV), which is derived from arbitrage opportunities created during DEX trading.
Meanwhile, Pump.fun captures revenue directly from memecoin trading, showcasing the dual benefits of Solana’s vibrant ecosystem.
Solana’s success was further underscored by its wallet, Phantom, claiming the top spot in Apple’s “free utility apps” category, and Robinhood reinstating SOL trading on its platform.
In addition, the popular non-fungible token (NFT) marketplace Magic Eden announced an upcoming token airdrop, which is expected to stimulate further on-chain trading.
Cardano And Polkadot Lead Crypto Altcoin RalliesCardano’s ADA was another standout performer in November, achieving an impressive 201% increase.
This rally was spurred by off-chain developments and speculation surrounding the influence of Cardano’s founder, Charles Hoskinson, in shaping future crypto policy.
Following Hoskinson’s announcement of establishing a crypto policy office in Washington, D.C., ADA experienced a significant price surge.
The upward momentum continued with Robinhood’s relisting of ADA and an update to Cardano’s governance structure, which emphasized on-chain decision-making by ADA holders.
On-chain usage metrics reflected Cardano’s price movement, with total value locked (TVL) surging by 180% as various Cardano project tokens rallied.
However, despite these gains, Cardano’s absolute figures in stablecoins and daily DEX volumes remain modest compared to Ethereum (ETH), highlighting a potential area for growth.
Polkadot, often viewed as an underperformer in the crypto space, also saw a surprising rally in November.
While its ecosystem has struggled with slow onboarding and technical challenges, recent developments, particularly from the Mythos Chain—a gaming blockchain hosting popular titles like NFL Rivals—have invigorated interest.
Polkadot’s founder, Gavin Wood, also unveiled plans for a more agile architecture, allowing for enhanced interoperability and cloud-like services, which could position Polkadot favorably against other crypto assets like Ethereum and Celestia.
In the decentralized finance (DeFi) sector, major protocols such as Aave, Uniswap, and Sky (formerly MakerDAO) demonstrated strength, with significant fee increases and market activity.
Aave crossed a milestone of $30 billion in deposits, positioning it among the largest banks by deposits if it were a traditional institution.
Meanwhile, Uniswap’s  market position was bolstered by a favorable court ruling regarding the legality of immutable smart contracts, which spurred a substantial increase in its market capitalization.
#ALTSEASON #MemecoinSeason2024 #bitcoin100k #cryptomarket #CryptoNews

Why Is Bitcoin Going Up? How High Can Bitcoin Go?

Bitcoin has finally crossed $100,000. Adding 7% in the last three days and 4% today, BTC peaked at $104,630 before retracing back to $101,132. This gives the crypto community new hope that the bull cycle is still on.
Let’s analyse what is happening in the market and why is Bitcoin going up today.

Bitcoin Hit $100K
The $100k mark has been a very heavy psychological resistance for Bitcoin, which it passed this morning. As we talked about how new buying can support the price and raise it, we saw huge volume coming in to push the price up.
The Fear and Greed index was recorded at 84 this morning, displaying that the market still has potential for buying.
The biggest crypto needs to cement the support as there is no moving average present in this area for assistance.
How High Can Bitcoin Go?
The RSI is currently at 76.41 showing bulls are charging, however it will soon enter the overbought zone and will have to cool off. On the other hand, ADX is at 17.57 which is considerably low but has started to rise.
Bitcoin is experiencing heavy volume with a rise of 35% in the last 24 hours, most of which came in the last hour.BTC has reached at almost $100B in trading volume which pushes the marketcap of total crypto market to $3.69 trillion with a rise of 4.97%.
Bitcoin dominance over the market is at 55.5% which is comparatively low.
There are many factors pumping the force into Bitcoin. According to experts, the most influential part is the pro crypto President, Donald Trump.
Since the US election, the crypto market has gained huge momentum with Bitcoin and altcoins adding huge numbers to their prices.
The community is feeling relaxed towards crypto as Trump is working to get pro crypto people into his administration.
Will Bitcoin Crash? What Next?
With bitcoin above $100k, it is very clear that the alt market will soon follow. There is no single reason to why is Bitcoin going up today but its is a collective power of multiple factors.
BTC is Expected to reach $120k soon, however rising RSI points towards a cool down. Also, the market tends to take advantage of such situations.
People are going in with huge confidence & greed which is a great time for the market to rekt them. Just in the last one hour, over $130 million worth of funds were liquidated, most of which came in from shorts.
The market takes some steps back in order to retest the support and if it fails to do so, the price can plummet under panic. We might see huge inflows into the Bitcoin etfs as well but investors should exercise caution.
#bitcoin100k #cryptomarket #AltcoinSeason #cryptocurrencies #CryptoNews

Cardano Transactions Rise To Multi-Year Highs – Metrics Support Bullish Outlook

Cardano (ADA) is trading above the critical $1 level, fueling optimism among investors anticipating further upside in the coming weeks. After a strong bullish run in recent weeks, the recent pullback appears to be a temporary pause in an upward trend.
Crucial on-chain data supports this outlook, indicating robust network activity that reinforces the bullish sentiment for ADA.
Key metrics shared by IntoTheBlock reveal over 840,000 transactions recorded on the Cardano network, with total fees amounting to 279,000 ADA. This data underscores growing usage and demand for the Cardano blockchain, adding to its fundamental strength.
Such network activity often correlates with price appreciation, suggesting that ADA could soon maintain its momentum.
As ADA consolidates above $1, the market will closely monitor whether it can hold this key level and push higher. Investors and analysts are optimistic, citing the network’s increasing adoption and solid transaction metrics as critical factors driving its bullish outlook.
The next few weeks could be pivotal for Cardano, with a sustained move above $1 likely signaling the continuation of its upward trend.
Cardano Activity Growing
Cardano is trading at multi-year highs and looks poised to continue its impressive rally. After breaking through the critical $1 level at the start of this bull run, ADA has shown strong momentum, driven by increasing adoption and investor confidence.
On-chain data shared by IntoTheBlock analyst C Thumbs highlights significant milestones, signaling sustained growth in the Cardano ecosystem.
The latest data reveals that Cardano recently surpassed 840,000 transactions, with total fees reaching 279,000 ADA. Notably, the last time transaction volumes and fees were this high was in March 2022.
This resurgence reflects the growing utility of the Cardano blockchain, transitioning from being primarily speculative to demonstrating real-world value.
A closer look at holder trends further underscores this shift. From July 2022 until today, ADA has seen sustained growth in the number of holders, indicating increasing confidence in the blockchain’s long-term potential.
Unlike previous cycles, where ADA’s price movements were driven primarily by speculation, the current rally appears underpinned by tangible network activity and adoption.
As Cardano continues to gain traction, investors are focusing on the next significant supply level. With robust network activity and bullish sentiment prevailing, ADA appears ready to target new highs, reinforcing its status as a leading blockchain in the crypto space.
ADA Testing Crucial Supply
Cardano has experienced a remarkable 250% rally in less than a month, showcasing strong bullish momentum as it gains traction in the market.
Currently trading at $1.06, ADA is approaching its yearly high of $1.15, a crucial resistance level that could define its next price trajectory.
If ADA successfully breaks above the $1.15 level, it could open the door to a significant rally targeting the next supply zones at $1.25 and potentially $1.60.
Such a breakout would signal renewed investor confidence and sustained demand, further solidifying Cardano’s position as one of the most dynamic assets in the crypto space during this cycle.
However, there is a risk of further consolidation below the $1.15 mark. If ADA fails to hold momentum at this critical level, the price may pull back to test support at $1.00 or lower.
Such a scenario could indicate a temporary pause in the uptrend, allowing investors and traders to reassess the market conditions.
As Cardano trades near these pivotal levels, market participants will closely monitor its price action to determine whether the rally can extend or if consolidation will define the short-term outlook for this rapidly rising altcoin.
#Cardano #AltcoinSeason #cryptocurrency #bitcoin100k #CryptoNews

Is Bitcoin $100,000 Goal In Jeopardy? Options Market Show Increased Downside Protection

As attention shifts to altcoins, Bitcoin (BTC) has experienced a pause in the uptrend that has characterized the past month. Currently trading 3.8% below its record high of $99,540, questions are raised about the sustainability of this growth and the possibility of a correction as the year draws to a close.
Investors Flock To Ethereum And XRP
Chris Newhouse, director of research at Cumberland Labs, pointed out that while strong institutional buying pressure persists—particularly from companies like MicroStrategy, which continues to accumulate Bitcoin—there is a noticeable shift in capital flows.
Newhouse noted that the broader crypto ecosystem is experiencing a “diversification of capital flows” from both institutional and non-institutional participants.
This diversification indicates that as Bitcoin stabilizes, investor interest is increasingly shifting to other digital assets, including Ethereum (ETH) and XRP, which had previously lagged behind Bitcoin.
Following the victory of President-elect Donald Trump, who has emerged as a crypto advocate, expectations for more favorable US regulations have risen. This has contributed to the massive rally in the XRP price, which has seen a 400% increase in the monthly time frame.
This optimism is also reflected in the record monthly net inflows into Bitcoin and Ethereum exchange-traded funds (ETFs) in November, which reached $6.5 billion and $1.1 billion, respectively. Bloomberg data shows that last Friday marked an all-time high for daily Ether ETF subscriptions.
$2 Billion Silk Road Bitcoin Moved To CoinbaseIn the options market, there has been a noticeable increase in downside protection for Bitcoin at later expiries this month. Meanwhile, BTC futures have exhibited moderate leverage, remaining relatively subdued after Bitcoin surpassed the $99,000 mark.
According to Vetle Lunde, head of research at K33, on-chain data suggests that traders who purchased BTC in the $55,000 to $70,000 range are now actively realizing profits. “Profit-taking has been particularly intense with BTC trading north of $90,000,” Lunde remarked.
Jake Ostrovskis, a trader at Wintermute OTC, observed that “the market has taken a pause over the last 10 days as Bitcoin sits just under $100,000. Volatility levels have compressed slightly, with Bitcoin in the 64th percentile and Ether significantly higher at the 81st.”
This volatility compression suggests a cautious sentiment among traders as they assess the market’s next moves, with the potential for a fresh wave of lower support levels to be retested in BTC’s price action, which could jeopardize the $100,000 milestone being reached by the end of the year.
Adding to the uncertainty in the market is a recent development reported by NewsBTC on Monday that nearly $2 billion worth of BTC previously confiscated from the Silk Road marketplace has been moved from US government wallets to Coinbase.
Such moves often spark speculation among traders, as similar moves by the US government to massively liquidate its holdings contributed to the downtrend in the second and third quarter of the year, when BTC fell over 20% in two consecutive months.
#BTC #bitcoin100k #cryptomarket #cryptocurrency #CryptoNews