After briefly returning to $100,000 on January 7, Bitcoin has fallen for three consecutive days this week. At 4 a.m. this morning (10), it once plunged to $91,200, a new low since December 5 last year. Currently, Bitcoin continues to rebound slowly, temporarily reporting $92,681 before press time, and the decline in the past 24 hours has narrowed to 2.56%.
Fidelity Bitcoin Spot ETF hits largest outflow in a single day
Along with the recent market decline, according to Sosovalue data, the Bitcoin spot ETF, one of the largest buying forces for Bitcoin, also saw an outflow of up to US$582 million on January 8.
Among them, Fidelity's FBTC fund outflow was as high as $259 million, setting a record for its largest single-day outflow. 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
But despite this, according to The Data Nerd, in the recent decline, many whales are still actively accumulating Bitcoin, with a total value of $110 million:
As the market fell, some whales accumulated more Bitcoin:
Cumberland withdrew 390 bitcoins, about $36.64 million
Galaxy Digital withdrew 400 bitcoins, about 37.76 million US dollars
bc1qh address withdrew 400 bitcoins, about 37.41 million US dollars
At the same time, IntoTheBlock recently analyzed that although the price of Bitcoin has fallen back, the Bitcoin reserves of exchanges are continuing to flow out, suggesting that investors may be more inclined to hold on to their coins and wait and see rather than panic selling.
Analyst: Trump's inauguration may drive the next wave of Bitcoin rebound
Regarding the future market trend, CoinDesk analyst Omkar Godbole analyzed that the current defensive measures in the market may come from Trump's upcoming official inauguration on the 20th of this month, which may be seen as an event in which all the positive factors have been exhausted.
However, with Trump taking office, a series of policies that are truly beneficial to businesses and the economy will eventually be implemented. By then, cryptocurrencies will also usher in a favorable regulatory environment, and even Bitcoin reserves will be officially put on the agenda. Therefore, Trump's inauguration may drive a market rebound.
At the same time, QCP Capital also recently pointed out that the current pullback may be laying the foundation for the next round of rebound. What needs special attention this week is the US non-farm data and FOMC meeting minutes, which may point out the direction of Bitcoin's next move.