Bitcoin prices rebound as institutional interest returns
Bitcoin is about $97,000 on Friday after losing pre-Christmas gains on Thursday.
Binance on-chain data suggest increased taker purchase volume and stablecoin deposits.
BTC price rebound is imminent when US spot Bitcoin ETFs stop outflowing and staked Bitcoin activity rises.
Bitcoin (BTC) missed the Santa Claus bounce, the price rise before and after Christmas Day, and is now about $97,000, erasing much of its gains from earlier this week.
BTC's on-chain measures reveal significant purchasing pressure on centralized exchange platforms, suggesting recovery.
Bitcoin prices rebound as institutional interest returns.
Experts credit Bitcoin spot Exchange Traded Funds (ETFs) capital infusion for its 2024 price surge. After days of net ETF outflows, institutional investors returned to Bitcoin on Thursday.
On Thursday, Farside Investors reported a net inflow of $475.2 million to spot Bitcoin ETFs, halting a four-day outflow skid before Christmas. BTC demand may rise when institutional interest returns.
After the market-wide Christmas drop, Santiment experts saw whales transferring stablecoins to exchanges increase. For fiat on/off-ramp across centralized exchange platforms, crypto dealers utilize stablecoins.
Stablecoin exchange inflows may indicate Bitcoin "buying pressure" due to growing demand.
The Santiment feed dashboard found seven stablecoin transfers to Binance, the biggest centralized cryptocurrency exchange, in 24 hours. The greatest deposit was $50 million, but all were worth at least $9 million.
Analysts attributed the rise to demand for new exchange-listed cryptocurrencies and Bitcoin. Such changes may indicate whales' preparation to acquire Bitcoin, a positive indicator.
Between November 1 and December 25, Binance taker purchase volume surged, suggesting greater purchasing demand for Bitcoin.
Bitcoin might find support around $92,500, a major mark since mid-December, and then at $89,376 if the present fall repeats.
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