Kill! Bitcoin plunged to $91,200, setting a new low in one month, but the exchange's BTC reserves continue to flow out, and whales increase their holdings

Bitcoin has recently been on a downward spiral, with large-scale capital outflows from the US Bitcoin spot ETF. However, analysts suggest that the current pullback may be temporary, as Trump's inauguration on the 20th of this month could trigger the next round of market rebound. (Background: Bhutan's administrative region announced the inclusion of Bitcoin, Ethereum, and BNB into its strategic reserves, CZ praised: a wise move) (Additional context: The Czech central bank is considering including Bitcoin in its foreign exchange reserves, Bitwise CEO: The dominoes have fallen) Bitcoin briefly returned to $100,000 on January 7, but has now fallen for three consecutive days this week, plunging to as low as $91,200 at 4 AM today (10th), marking a new low since December 5 of last year. Currently, Bitcoin is slowly rebounding, reporting $92,681 before publication, with the decline in the past 24 hours narrowing to 2.56%. Fidelity Bitcoin spot ETF sees the largest single-day outflow Amid the recent market downturn, according to Sosovalue data, the Bitcoin spot ETF, one of the largest buying forces for Bitcoin, also experienced a capital outflow of up to $582 million on January 8. Among them, Fidelity's FBTC saw an outflow of $259 million, setting a new record for its largest single-day outflow. Other issuers, such as BlackRock's IBIT, Ark, and 21Shares' ARKB, also experienced outflows of $124 million and $148 million, respectively. Whales accumulate $110 million in Bitcoin Despite this, according to The Data Nerd, many whales have been actively accumulating Bitcoin during the recent downturn, with a total value of $110 million: As the market fell, some whales accumulated more Bitcoin: Cumberland withdrew 390 Bitcoins, approximately $36.64 million. Galaxy Digital withdrew 400 Bitcoins, approximately $37.76 million. The bc1qh address withdrew 400 Bitcoins, approximately $37.41 million. As the market crashed, some whales accumulated more $BTC – #Cumberland withdrew 390 $BTC (~$36.64M)– #Galaxy_Digital withdrew 400 $BTC (~$37.76M)– bc1qh withdrew 400 $BTC (~$37.41M) Addresses: https://t.co/T9CukozOYd https://t.co/E17HQYggVP https://t.co/QLrwY1ZjrH pic.twitter.com/TcwOwPEvzp — The Data Nerd (@OnchainDataNerd) January 9, 2025 At the same time, IntoTheBlock recently analyzed that although Bitcoin prices have pulled back, the reserves of Bitcoin on exchanges continue to flow out, suggesting that investors may prefer to hold rather than panic sell. Despite Bitcoin's drop, exchange net flows continue to be negative. This suggests the accumulation trend persists, with investors seemingly favoring holding over panic selling. pic.twitter.com/9XagBiF5Er — IntoTheBlock (@intotheblock) January 9, 2025 Analysts: Trump's inauguration may drive the next Bitcoin rebound Regarding future market direction, CoinDesk analyst Omkar Godbole stated that the current defensive measures in the market may stem from Trump's upcoming official inauguration announcement on the 20th of this month, which may be viewed as a positive event. However, as Trump takes office, a series of policies that truly benefit businesses and the economy will eventually be implemented, leading to a favorable regulatory environment for cryptocurrencies, and Bitcoin reserves may also be officially prioritized, thus Trump's inauguration could stimulate a market rebound. Meanwhile, QCP Capital recently pointed out that the current pullback may be laying the groundwork for the next rebound, with special attention needed this week on US non-farm payroll data and the FOMC meeting minutes, which may indicate the direction for Bitcoin's next move. Related reports: Bitcoin "head and shoulders" pressure forming, analysts: Key support if lost, may plummet to $75,000 Trump’s probability of establishing a Bitcoin reserve within 100 days of taking office drops to 31%, with two possible avenues Arthur Hayes: Bitcoin is expected to "peak in March" suggesting selling until Q3, has arranged seven tokens in the DeSci field "Kill! Bitcoin plunged to $91,200, setting a new low in one month, but the exchange's BTC reserves continue to flow out, and whales increase their holdings" This article was first published by BlockTempo (BlockTempo - the most influential blockchain news media).