After a red week in the market, Bitcoin and altcoins rebounded in the last 24 hours. However, traders remain cautious due to the approaching year-end expiry.
US Spot BTC ETFs Are Bleeding
BlackRock’s Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), saw a record outflow of $188.7 million on Christmas Eve. This is part of a larger trend, with Bitcoin funds losing $1.5 billion over four days from Dec. 19–24.
Altcoins Take the Lead
Meanwhile, ETH ETFs are attracting growing traders' interest in altcoins, with Ether funds seeing $53.6 million in inflows following a $130.8 million inflow the previous day. Analysts speculate Ether may outperform Bitcoin by January 2025, as the ETH/BTC ratio shows strength.
What’s Next for Bitcoin?
BlackRock’s Bitcoin ETF outflows and the broader trend of Bitcoin ETF withdrawals have left investors questioning their next move. Crypto analyst Skew noted that passive ask liquidity is around $100K, with key price areas at $105K. He suggests that large market entities might be strategically positioning for higher prices into the new year. Bitcoin recently jumped 4% to $98,014, though trading volume has decreased by 24%, signaling reduced interest. Traders are advised to monitor volume and sentiment, with significant BTC options expiring this Friday, adding another layer of uncertainty to the market.
The shift in investor focus suggests that Bitcoin’s dominance may soon be tested—only time will tell which way the market will blow.
