Has Bitcoin (BTC) finally hit bottom?

Click on the name to live and enter the live room to chat

Bitcoin (BTC) market analysis

Bitcoin price dynamics:

Recent trends: Bitcoin performed strongly in early January, breaking through the $102,000 mark. However, as the market pulled back, on January 9, the price of Bitcoin fell sharply by 10% to $93,000. This shows that despite Bitcoin's strong performance, the current upward momentum is still under great pressure.

BTC ETF outflows:

On January 8, the spot Bitcoin ETF recorded an outflow of $568 million, the second largest outflow since the fund was launched. Compared with the highest outflow record of $680 million set on December 19, the recent outflows still show market uncertainty.

Among them, Fidelity's FBTC outflowed the most funds, reaching $258 million, followed by Ark Investment and BlackRock's IBIT, which recorded outflows of $148 million and $124 million, respectively.

Market reasons:

These outflows came as concerns about US inflation have risen again and bond market volatility has increased, leading to a sell-off in risky assets including Bitcoin. Inflation concerns may lead to increased risk aversion in the market, which has put pressure on the price of Bitcoin.

Ethereum (ETH) ETF fund outflows:

In addition to Bitcoin, the Ethereum ETF has also suffered a large-scale outflow of funds, with an outflow of $159 million on January 8, the largest single-day outflow since July 26. In the past 24 hours, the total liquidation amount in the crypto market was $464 million, showing the overall pressure on the market.

Fear and Greed Index:

Despite the pressure of capital outflow in the cryptocurrency market, the Cryptocurrency Fear and Greed Index is still in the "greed" zone with a score of 69, showing that the market still has a certain degree of optimism. Analysts hope that economic data such as the upcoming non-farm payroll report can ease the current pressure and bring positive changes.

Click the name live to enter the live room to chat