BTC briefly returned to $100,000 on January 7, but has since fallen for 3 consecutive days this week. This (10th) morning, it even briefly dipped to $91,200, a new low since December 5 last year. Currently, BTC is slowly rebounding, and as of the time of writing, it is temporarily reported at $92,681, with a drop of 2.56% in the last 24 hours.
Fidelity's BTC spot ETF sees largest single-day outflow
Accompanying the recent market decline, according to data from Sosovalue, the BTC spot ETF, which is one of the largest buying forces for BTC, also saw a massive $582 million outflow on January 8.
Among them, Fidelity's FBTC saw an outflow of $259 million, setting a new record for its largest single-day outflow. Other issuers, such as BlackRock's IBIT, ARK and 21Shares' ARKB, also saw outflows of $124 million and $148 million respectively.
Whale accumulates $110 million in BTC
However, despite this, according to monitoring by The Data Nerd, during the recent downturn, many whales have still been actively accumulating BTC, with a total value of $110 million:
As the market declines, some whales have accumulated more BTC:
. Cumberland withdrew 390 BTC, worth about $36.64 million
. Galaxy Digital withdrew 400 BTC, worth about $37.76 million
. The bc1qh address withdrew 400 BTC, worth about $37.41 million
Meanwhile, IntoTheBlock has also recently analyzed and stated that although the BTC price has seen a correction, the BTC reserves on exchanges are continuing to flow out, suggesting that investors may be more inclined to hold and wait, rather than panic sell.
Analyst: Trump's inauguration may drive next BTC rally
Regarding the market outlook, CoinDesk analyst Omkar Godbole analyzed and stated that the current defensive measures in the market may be due to Trump's impending inauguration on January 20, which could be seen as a positive event coming to an end.
However, with Trump taking office, a series of policies that are truly beneficial to businesses and the economy will ultimately be implemented, and at that time, the crypto-currency market will also usher in a favorable regulatory environment, and BTC reserves may even be officially put on the agenda. Therefore, Trump's inauguration may drive a market rebound.
Meanwhile, QCP Capital has also recently pointed out that the current correction may be laying the foundation for the next rally, and this week, the focus should be on the US non-farm data and the FOMC meeting minutes, which may point the way for the next move of BTC.
