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Bitcoin Today 12/10/2024: BTC continues to fall, but ETF dominance grows
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As happened on Monday (9), the price of Bitcoin (BTC) opened falling again and had losses of 0.8% this Tuesday (10). According to CoinGecko, the price of BTC reached $97,819 over the last 24 hours
As a result, all cryptocurrencies in the Top 10 returned to record losses. Who led the falls of the day was Cardano (ADA), with losses of 8.1%followed by XRP’s 6.5% drop. In the Top 100, losses were also predominant, but the MOVE token stood out and rose 32%. On the other hand, GALA fell 13.4% and led the day’s losses.
For Fernando Pereira, one of the reasons for the recent fall of BTC is increased purchases by short-term investors. That is, those who acquired BTC in a period of up to 155. This increase is measured by Total Supply Held by Short-Term Holders (BTC)which continue to increase their positions (orange line in the graph below).
“This group of investors tends to be more sensitive to price changes, which can influence supply and demand dynamics in the market. Now, we have a very high number of offers in the hands of short-term investors”, says Pereira.
Short-term holders on the rise
At the moment, short-term holders own 3.5 million BTC, which is higher than the previous record of 3.2 million of BTC. Interestingly, the previous mark also came at a bullish moment, which was when BTC reached $74,000 in March.
“In light of such information, we have to remain alert due to having so much supply in the hands of inexperienced investors, who are unable to manage losses in a professional manner. These investors have a pattern of taking a loss when a correction happens, selling purely out of panic. This could cause very strong selling pressure and bring more severe corrections for BTC”, warned Pereira.
On the other hand, large long-term investors also continue to accumulate BTC. MicroStrategy, for example, added another 21,550 BTC to your cash on Monday (9), and ETFs also continue to pocket more BTC.
Among the funds, BlackRock’s Bitcoin ETF (IBIT) has decided to ignore the volatility of the cryptocurrency market. On Monday, the fund recorded inflows of US$358 million. In total, the fund added more than 4,000 BTC, according to data from Farside Inverstors.
In addition to acquiring more BTC, yesterday’s IBIT daily trading volume also rose, reaching $3 billion. In other words, the demand for ETF shares (and, by association, for BTC) continues to rise. As ETFs are the primary form of exposure for institutional investors, this indicates the presence of solid long-term demand.
The BlackRock Bitcoin ETF witnessed strong inflows, surpassing US$3.1 billion in just the last seven trading sessions. As a result, net inflows to IBIT since its launch have risen to US$34.7 billion. The ETF also surpassed the $50 billion mark, a historic feat.
Bitcoin Today 12/10/2024: BTC continues to fall, but ETF dominance grows
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Bitcoin Today 12/10/2024: BTC continues to fall, but ETF dominance grows
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Bitcoin Today 12/10/2024: BTC continues to fall, but ETF dominance grows
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Bitcoin Today 12/10/2024: BTC continues to fall, but ETF dominance grows
