After briefly returning to $100,000 on January 7, Bitcoin has fallen for three consecutive days this week, plunging to $91,200 at 4 a.m. today, marking a new low since December 5 of last year. Currently, Bitcoin is slowly rebounding, reporting at $92,681 before the deadline, with a near 24-hour decline narrowing to 2.56%.
Fidelity Bitcoin Spot ETF records largest single-day outflow
Accompanied by the recent market downturn, data from Sosovalue shows that the Bitcoin Spot ETF, one of the largest buying forces for Bitcoin, also experienced an outflow of up to $582 million on January 8.
Among them, Fidelity's FBTC experienced an outflow of as much as $259 million, setting its largest single-day outflow record. Other issuers, such as BlackRock's IBIT, Ark, and 21Shares' ARKB also saw outflows of $124 million and $148 million respectively.
Whales accumulate $110 million in Bitcoin
Nevertheless, according to monitoring by The Data Nerd, many whales are still actively accumulating Bitcoin during the recent downturn, with a total value of $110 million.
As the market declines, some whales have accumulated more Bitcoin:
Cumberland withdrew 390 Bitcoins, approximately $36.64 million.
Galaxy Digital withdrew 400 Bitcoins, approximately $37.76 million.
bc1qh address withdrew 400 Bitcoins, approximately $37.41 million.
At the same time, IntoTheBlock recently analyzed that although Bitcoin prices have pulled back, Bitcoin reserves on exchanges continue to flow out, suggesting that investors may be more inclined to hold rather than panic sell.
Analyst: Trump's inauguration may drive the next wave of Bitcoin rebound
Regarding market trends, CoinDesk analyst Omkar Godbole stated that the current defensive measures in the market may stem from Trump's imminent inauguration announcement on the 20th of this month, which could be viewed as a sell-the-news event.
However, with Trump's inauguration, a series of policies beneficial to businesses and the economy will eventually be implemented, and at that time, cryptocurrencies will also welcome a favorable regulatory environment, and even Bitcoin reserves will officially be on the agenda, so Trump's presidency may drive a market rebound.
At the same time, QCP Capital recently pointed out that the current pullback may be laying the groundwork for the next round of rebound. This week, special attention should be paid to U.S. non-farm payroll data and FOMC meeting minutes, as they may indicate the direction for Bitcoin's next move.
