Bitcoin continued to fluctuate over the weekend, maintaining around $95,000. It reached a high of $95,750 yesterday but began to decline from last night, dropping to around $93,000 this morning around 6:30 AM, marking the lowest point in nearly a week.
At the deadline, Bitcoin has slightly rebounded, currently at $93,610, down 1.32% in the past 24 hours.
Funds from Bitcoin spot ETFs have started to flow out again.
Last Friday, $287 million flowed out of Bitcoin spot ETFs (in addition to a net outflow of $376 million during the holiday). It now appears that holidays in Europe and the U.S. have led to tight market liquidity, with no significant improvement in the short term.
If this outflow of funds does not improve, Bitcoin's price may continue to face pressure.
$155 million liquidated in the past 24 hours
According to data from Coinglass, the cryptocurrency market experienced a total liquidation of $155 million in the past 24 hours. Among them, long positions accounted for the majority, reaching $116 million, while short positions saw liquidations of $36.98 million. A total of over 75,000 people were liquidated.
Bitwise: Further declines may occur in the coming weeks.
Regarding Bitcoin's ongoing sluggish trend, Andre Dragosch, the head of European research at asset management firm Bitwise, stated last week that this risk-averse sentiment may persist for some time:
He pointed out that, overall, the Federal Reserve currently faces a dilemma, as it has cut rates three times since September, yet financial conditions are still tightening. At the same time, according to Truflation's U.S. inflation indicators, immediate reports over the past few months have shown accelerating inflation, reaching new highs.
Dragosch also mentioned that Bitcoin may continue to decline in the coming weeks, but he believes this could also be a good opportunity to buy the dip.
"It is likely that we will see more declines, but considering the long-term bullish factors of Bitcoin's supply shortage, this may be an attractive buying opportunity."
In addition, Cointelegraph reports that Bitwise's Chief Investment Officer Matt Hougan stated that the recent pullback in the crypto market may stem from 'natural liquidations of leverage'. He also emphasized that, in the long run, the fundamentals of the crypto market remain strong and are still in a healthy bull market cycle.