Bitcoin once broke through $102,500 at midnight today, but then experienced a significant pullback, dropping to $99,311 at one point. The current price hovers around $99,672, and it is unclear whether there is a signal to short.
Ki Young Ju, founder of the cryptocurrency analysis company CryptoQuant, pointed out in a post yesterday on X platform that BlackRock's Bitcoin spot ETF has surpassed its gold ETF in scale, with billions of dollars flowing into the Bitcoin market weekly.
He also mentioned that the market capitalization of gold is 17 trillion USD, while Bitcoin is only 2 trillion USD, suggesting that smart capital has identified Bitcoin as the future winner, reflecting the growing market demand for Bitcoin.