Bitcoin has been falling recently, and there has also been a large outflow of funds from the US Bitcoin spot ETF. However, analysts say that the current pullback may only be temporary, and Trump's inauguration on the 20th of this month could trigger the next round of market rebound.
Bitcoin briefly returned to $100,000 on January 7, but has since fallen for three consecutive days this week. Early this morning (10), it even dipped to $91,200, setting a new low since December 5 of last year. Currently, Bitcoin is slowly rebounding, and as of the time of writing, it is reported at $92,681, with a near 24-hour decline narrowed to 2.56%.
Fidelity Bitcoin spot ETF sets a record for the largest single-day outflow
Accompanying the recent market decline, according to data from Sosovalue, one of the largest buying forces for Bitcoin, the Bitcoin spot ETF, 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 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
Nevertheless, according to monitoring by The Data Nerd, during the recent downturn, many whales have still been actively accumulating Bitcoin, with a total value of $110 million:
As the market declines, some whales have 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
At the same time, IntoTheBlock recently analyzed that despite the pullback in Bitcoin prices, the reserves of Bitcoin on exchanges are continuously flowing out, suggesting that investors may prefer to hold onto their coins and wait rather than panic sell.
Analysts: Trump's inauguration may drive the next wave of Bitcoin rebound
Regarding the market's future direction, CoinDesk analyst Omkar Godbole stated that the current defensive measures in the market may stem from Trump's formal inauguration announcement on the 20th of this month, which could be seen as a favorable event being fully priced in.
However, with Trump's presidency, a series of policies that are truly beneficial to businesses and the economy will eventually be implemented, at which point cryptocurrencies will also welcome a favorable regulatory environment, and even Bitcoin reserves will be formally put on the agenda. Therefore, Trump's inauguration could spur a market rebound.
At the same time, QCP Capital recently pointed out that the current pullback may be laying the groundwork for the next round of rebound. This week, particular attention needs to be paid to the US non-farm payroll data and the FOMC meeting minutes, which may indicate the direction for Bitcoin's next move.
