After oscillating within a narrow range over the weekend, Bitcoin started its decline this morning, touching as low as $42,200, and Ethereum also fell below $2,300.
(Previous summary: JPMorgan Chase: Grayscale GBTC liquidity is lower than BlackRock and Fidelity’s Bitcoin spot ETF)
(Background supplement: RootData: 2023 Web3 Industry Development Research Report and Annual TOP List)
The Year of the Dragon is coming! Bitcoin officially broke through the US$48,000 mark at around 2:15 a.m. on the 10th, Taiwan time. However, after the first wave of celebrations on New Year’s Eve, it has fallen back to around US$47,000 since the morning. However, within 24 hours as of the deadline Still maintaining an increase of around 3.84%, it can be said that it is still quite happy for the Year of the Dragon.
BTC Binance spot price
Ethereum breaks through $2,500
Part of the trend of Ethereum seems to be more dragon-like. It broke through the US$2,525 mark at 8 pm on the 9th Taiwan time, but then failed to break through a higher price around 2 am on the 10th. However, compared with Bitcoin, Speaking of the correction in the morning, it was even smaller. As of the time of writing, it was still $2,491.85, with a 24-hour increase of 2.75%.
The Air Force suffered heavy losses
According to coinglass data, the 24-hour liquidation amount reached US$158 million, of which the Air Force liquidation amounted to US$115 million. It can be said that the market in the Year of the Dragon seems to exceed traders’ imagination. The largest liquidation order occurred in Binance’s ETHBTC, worth to $1.9294 million.
GBTC outflows decline
The outflow of GBTC, which is the most critical factor in the recent downward trend, also increased on February 9th.fallIt has reached the level of US$5,200 in a single day. Since the highest single-day outflow of US$640 million on January 22, the outflow has continued to slow down for two weeks (except for a slight increase on the 30th). This can be said to be potential selling pressure on Bitcoin in the short term. The impact continues to decline.
Bitcoin ETF net inflow exceeds 400 million mg
According to Bloomberg analyst James Seyffart, the asset size of Fidelity Wise Origin Bitcoin (FBTC) has exceeded 3 billion U.S. dollars, and the net inflow of all ETFs on February 9 was as high as 400 million U.S. dollars. This is the spot ETF It is the third largest day of inflows since its listing. It can be said that in addition to the good start of spot ETFs, Asian hot money with the theme of the Year of the Dragon is still quite optimistic about the Bitcoin market.
Cointucky Derby Update. BIG net inflow day of over $400 mln. With almost 8 of the newborn nine took in money yesterday. $FBTC officially crossed $3 billion in AUM. $GBTC outflow streak continues with -$101.6 mln out pic.twitter.com/4RX4RsVxki
— James Seyffart (@JSeyff) February 9, 2024
Matrixport Analyst: 52,000 in mid-March
According to a report by Markus Thielen, director of research at Matrixport and founder of 10x Research, Bitcoin has completed the fourth wave of correction to $38,500 and has entered the fifth stage of the upward trend. He expects Bitcoin to reach a target price of $52,000 by mid-March.
On the other hand, Thielen also predicted in an earlier report that under the favorable macroeconomic environment, favorable monetary policy, the impact of the U.S. election cycle, and the increased demand for cryptocurrencies from traditional financial investors, the price of Bitcoin may be at The goal is to reach $70,000 by the end of this year.
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2024-02-10 01:39:56
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