Suliyatš
@hardeywumhi
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Bitcoin (BTC) Holds Above $90K: Profit-Taking Intensifies
Bitcoin realizes $5.42 billion in profits, despite rising sell pressure, with a Sell-side Risk Ratio of 0.524%.
Technical Analysis:
- Crucial support/resistance level: $89,200.
- Network activity: Uptick in new and active addresses.
- Zero balance addresses remain flat.
On-Chain Metrics:
- 307,000 addresses accumulated BTC at $89,200.
- Net inflows: $128.46 million (potential selling pressure).
- Consistent negative netflows (May-August): Institutional accumulation.
Market Sentiment:
- Market optimism (profits > losses).
- Caution advised due to profit-taking.
- Regulatory policies and national debt may impact BTC.
Potential Outcomes:
- Sustained price near $90,000.
- Short-term correction.
- Continued outperformance against traditional assets.
Bitcoin's resilience above $90,000, despite rising sell pressure, suggests market optimism. Investors should monitor network activity, profit-taking. 0 reply
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Bitcoin ETFs have faced significant outflows, totaling $541.1 million, due to the U.S. election uncertainty and market volatility Ā¹. However, BlackRock's IBIT defied this trend, attracting $38.4 million in inflows. This could indicate a broader shift in investor sentiment towards Bitcoin ETFs.
Notable Outflows:
- Fidelity's FBTC: $169.6 million
- Ark 21Shares' ARKB: $138.3 million
- Grayscale's BTC and Bitwise's BITB: $89.5 million and $79.8 million, respectively
- Grayscale's GBTC: $63.7 million
Stable Performers:
- Invesco's BTCO
- WisdomTree's BTCW
Despite these outflows, cumulative BTC ETFs have generated significant inflows since their launch, with volumes of $23 billion. BlackRock's IBIT alone recorded $26 billion in inflows. Bloomberg's Senior ETF analyst, Eric Balchunas, predicts that BTC ETFs might soon exceed Satoshi Nakamoto's holdings, potentially reaching this milestone in less than two weeks. 0 reply
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