Bitcoin surged to $103.8k today, reaching a new all-time high milestone and dropped since then slipped slightly to $101k now. Connected with blockchain industry, Paul Atkins will be the new SEC chair, replacing Garry Gensler, stepping down in 2025. Atkins criticized the SEC on a stance about cryptocurrency businesses. Also, Trump said that Atkins 'recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before'.
Net inflows to US Bitcoin ETFs are still very high, yesterday at $501 million. Actually, average buying price of short-term Bitcoin holders is close to $75k, so those addresses are 'sitting' almost 35% unrealized gain on average; signalling that without very high inflows to the Bitcoin market, we can see the short term correction. However, currently, crypto is on a rising trend and ETFs activity signals very high interest from investors, fuelling 'price discovery' trend dominating at ATH.
In December, BlackRock ETF IBIT was the largest Bitcoin buyer. Source: Bloomberg Finance L.P.
Source: xStation5
Source: xStation5
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