 ▲ Bitcoin (BTC) decline |
The price of cryptocurrency leader Bitcoin (BTC) is trading around $63,000 on the 24th (Korean time). According to CoinMarketCap, Bitcoin is trading at $62,998 as of 9:59 am today, down 2.25% from 24 hours ago. Bitcoin fell to the lowest of $62,894.17 on the day.
Investment sentiment is also worsening. According to Cryptocurrency data provider Alternative's self-estimated 'Fear and Greed Index', the index recorded 51, down 4 points from the previous day and 20 points from last week. As the pitching got worse, it went from the ‘greed’ stage to the ‘neutral’ stage. The closer the index is to 0, the more extreme market fear it is, and the closer it is to 100, the more extreme optimism it is.
The decline in Bitcoin prices is interpreted to be due to the outflow of funds from the BTC spot ETF and the selling of miners.
In relation to this, cryptocurrency custody company BitGo reported through He added, “The BTC spot ETF returned to a net outflow trend on the 10th, and the cumulative outflow since that point is more than $1.1 billion.”
Additionally, cryptocurrency analyst HODL15 Capital (@HODL15Capital) reported through The net outflow last week was 222 BTC.
Miner selling is also having a significant impact on the decline in Bitcoin prices. Into the Block, a cryptocurrency market data platform, said through “The selling trend continues,” he said.
Meanwhile, Bitcoin.com cited Arkham Data and said, "Last week, the German government externally transferred (sold) $468 million worth of Bitcoin, and it appears that governments around the world are not selling the seized BTC since then."
He continued, "Currently, the US government's estimated address holds 217,486 BTC (equivalent to $13.9 billion) and 53,900 ETH (equivalent to $187 billion), while the German and British governments hold 47,179 BTC (equivalent to $3 billion) and 61,245 BTC (equivalent to $3.9 billion), respectively. He added, “I hold the equivalent of dollars.”
