Bitcoin continues to trade within a tight range, hovering around $112,000 despite significant ETF withdrawals. Analysts emphasize patience for further analysis.
Bitcoin Stability at $112K
Bitcoin remains around $112,000, a strong demand zone after multiple retests. Analyst Daan Crypto Trades noted that the price hasn't moved from this range, and market participants are waiting for a breakout either way for further analysis. The next critical level is at $123,000, which would indicate a return to price discovery.
Record ETF Withdrawals
According to Kyle Chassé, withdrawals of $523.3 million occurred in a single day, marking the largest outflow on record. This happened amidst active participation from both institutional and retail investors. Total ETF net assets now stand at $146.18 billion despite earlier highs.
Long-Term Value of Bitcoin According to Institutional Investors
PayPal founder Peter Thiel noted that Bitcoin’s scale has become difficult for society to process, describing it as a disruptive financial force. He emphasized its value beyond speculation. SkyBridge Capital founder Anthony Scaramucci also reinforced his bullish outlook, stating that demand for Bitcoin far exceeds its issued supply, which supports his projection of Bitcoin reaching $200,000 this year.
In light of current market events, Bitcoin shows stability, but specialists urge investors to consider external factors such as ETF withdrawal levels and shifting public perception of cryptocurrencies.
