“The quality of your decision depends on the information you have and your ability to process it. -- Reda Leo, founder of Bridgewater Associates (Principle)”
Bitcoin fell nearly 4% after hitting an all-time high of more than $93,000. The move raised questions among investors about whether the drop was a temporary blip or a harbinger of a larger downtrend.
Early this morning, Federal Reserve Chairman Powell said in his speech that "due to the increase in the published CPI (Consumer Price Index) and PPI (Producer Price Index), it is revealed that there is no rush to cut interest rates." The price of Bitcoin fell to $86,672. At the time of writing, the price of Bitcoin has risen back to $90,230.
It is clear that interest rates are crucial to Bitcoin investors, and lower interest rates usually prompt investors to turn to high-risk assets such as Bitcoin. Powell's speech suggests that the rate cuts may not last, which may weaken investors' optimistic expectations for Bitcoin in the short term.
Since the price of Bitcoin broke through $90,000, Bitcoin miners have transferred more than 45,000 Bitcoins to exchanges. At current prices, the 45,000 Bitcoins transferred by miners are worth more than $4 billion!
Data shows that miners sold about 24,138 bitcoins on November 12, the second-largest single-day outflow this year. The next day, as the price broke through $93,000, miners moved another 15,840 bitcoins. By November 14, miners moved more than 5,500 bitcoins.
Holders of Bitcoin spot ETFs took profits, interrupting the six-day upward momentum and causing outflows of about $400 million. BlackRock's Bitcoin spot ETF still maintained capital inflows. It is worth noting that BlackRock's spot ETF net inflows are gradually decreasing.
For now, Bitcoin’s growth is still higher than other competing coins, indicating that funds continue to flow in and have not spilled over. In a bull market, the overall market usually lacks growth, and funds will turn to other altcoins.
At the same time, Bitcoin's recent decline reflects the impact of economic changes, especially interest rates. Although short-term fluctuations are common, the long-term outlook remains optimistic. We should pay more attention to key factors such as interest rates, inflation and institutional interest to predict Bitcoin's price trend.
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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