In the past couple of days, the market has been relatively weak, and Bitcoin's market share has dropped to 54.65%.
The lackluster performance of Bitcoin can be attributed to two main reasons: one is that altcoins are continuously siphoning off Bitcoin, and the other is that the U.S. government transferred 19,800 Bitcoins, which has caused some panic among investors.
Some investors feel that the current price of Bitcoin is a bit high and are selling off in batches.
However, I think there's no need to worry too much; Bitcoin reaching $100,000 is just the beginning, haha. Because Bitcoin is already in short supply.
In November, the U.S. spot Bitcoin ETF purchased 71,570 Bitcoins, while the Bitcoin mining output during the same period was only around 13,500 Bitcoins. Just yesterday, MicroStrategy spent $1.5 billion to buy 15,400 Bitcoins at an average price of $95,976. Bitcoin mining company MARA has also spent about $618.3 million to buy 6,484 Bitcoins in the past two months. This indicates that institutions are still continuously buying, and the demand for Bitcoin in the market is very high.
According to disclosed data, during this bull market, institutions including MicroStrategy, Tesla, and Coinbase have bought at least 1.26 million to 1.36 million Bitcoins.
Additionally, regarding the inflow of new funds, Tether has issued 1 billion USDT on Ethereum.
Furthermore, according to CME Federal Reserve observations, the probability of the Federal Reserve lowering interest rates by 25 basis points in December has risen to 72.5%.
Therefore, the market is not lacking in funds; it just lacks a trigger point for sentiment. We just need to hold onto our Bitcoins and not get left behind.