"The quality of decision-making depends on the information you have and your ability to process that information."
-- Ray Dalio, Founder of Bridgewater Associates -- (Principles)
At the time of writing, the price of Bitcoin is below $100,000, hovering around $98,300. However, as I mentioned in yesterday's article (Christmas, will Bitcoin rise?!): "Low trading volume and market interest may signal an accumulation phase, especially for potential rises in altcoins." Today's Christmas performance of Bitcoin and the crypto market aligns with predictions.
In my opinion, Bitcoin pullbacks are quite common in a bull market. A pullback is merely an opportunity for some professional and capable individuals or institutions to accumulate more Bitcoin.
Despite experiencing some capital outflow in the week leading up to Christmas, Bitcoin ultimately saw a net inflow of $375 million, reflecting that market sentiment is not as pessimistic as expected.
The inflow of funds into Ethereum spot ETFs has significantly increased, showing a more optimistic outlook, with total inflows reaching $184.6 million within two days. Among them, BlackRock's Ethereum spot ETF - ETHA performed prominently, with inflows reaching $133.4 million.
On December 27, Deribit will face the largest expiration of $14 billion in Bitcoin options in history, which could trigger market volatility. A reminder to all speculators: "Avoid high leverage trading to reduce risk - risk management is always paramount!"
Russia has recently enacted a ban on cryptocurrency mining - starting January 1, 2025, Russia will prohibit crypto mining in 10 regions due to its high energy consumption. This ban primarily targets areas with electricity subsidies, aiming to protect residents' electricity needs. However, Russia's neighbor Belarus is offering incentives to attract miners expelled from Russia.
Note: All content represents the author's personal views and is not investment advice, nor should it be interpreted as tax, accounting, legal, business, financial, or regulatory advice in any way. You should seek independent legal and financial advice, including advice regarding tax consequences, before making any investment decisions.
