Bitcoin is over 😱😱😱 30 seconds to know the reasons for today’s market:
1. The capital flow of Bitcoin and Ethereum ETFs is diverging: The US spot Bitcoin ETF experienced a net outflow of $684 million yesterday, in stark contrast to the Ethereum ETF which had a net inflow of $283,000. This phenomenon indicates a clear shift in investor attitudes towards the ETF products of the two major cryptocurrencies.
2. Federal Reserve's December interest rate outlook: According to CME's "FedWatch" data, the market has differing expectations for the Federal Reserve's December interest rate decision. The probability of maintaining the current interest rate is 44.1%, while the cumulative probability of a 25 basis point rate cut is as high as 55.9%. The uncertainty surrounding interest rate trends brings potential variables to the cryptocurrency market.
3. New trends in speculative capital flow: Bitfinex reports that speculative funds are gradually withdrawing from Bitcoin and flowing into the altcoin space. This shift is often an important signal that the "altcoin season" is about to begin, indicating that the altcoin market may see a new round of increased activity and intensified price volatility.
4. Trader strategy warning: Renowned top trader Eugene publicly stated on social media that he has completed profit-taking on long positions and advised the market to proceed with caution. This undoubtedly casts a cautious shadow over current market sentiment, suggesting that the market may harbor risks or face a trend adjustment.
5. Ethereum contract open interest hits a new high: The total open interest for Ethereum contracts across the network successfully surpassed $21.5 billion, reaching a historic peak. This fully demonstrates investors' high attention and deep involvement in Ethereum, and reflects the market's strong expectations and confidence in Ethereum's future trends.
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