Bitcoin Continues to Renew Highs on Additional Buying by Whales

Cryptoquant "Institutions have accumulated 40,000 BTC in the OTC market in a month"
Altcoins show mixed movements, unlike the BTC rally
Experts reveal different forecasts on BTC price next year

Bitcoin (BTC) continued its 'Santa Rally' on the 17th, driven by additional purchases by large holders.

It was revealed that 'whales' holding large amounts of Bitcoin have been continuing to purchase Bitcoin. Michael Saylor, founder of MicroStrategy, announced on the 16th through his X account that he had purchased an additional 15,350 Bitcoins. The price of this in US dollars is about $1.5 billion (about 21.544 trillion won).

Julio Moreno, chief analyst at Cryptoquant, also explained on his X account that "the Bitcoin balance in the over-the-counter (OTC) desk has decreased by about 40,000 since November 20." The OTC desk is the main channel for institutional investors to purchase Bitcoin, and the decrease in Bitcoin volume in the OTC desk means that the demand for Bitcoin from institutional investors is increasing.

While Bitcoin continues to set new highs, altcoins have shown somewhat mixed movements. Some altcoins recorded double-digit gains, while major altcoins remained range-bound.

◇Bitcoin = As of 4 pm on the 17th, based on Upbit, the price of Bitcoin is 154.96 million won. Bitcoin's market dominance was 57.85%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratios in the Bitcoin futures market were 39.20% and 60.80%, respectively.

As Bitcoin continues to set new highs, experts' forecasts on Bitcoin are divided.

Matthew Sigel, head of digital assets research at US asset manager VanEck, predicted that "Bitcoin will reach $180,000 by 2025."

On the other hand, BCA Research forecasts that the US economy will enter a recession next year, suggesting that Bitcoin prices could plummet by nearly 60% in the future. The letter sent to BCA Research clients stated that "Bitcoin prices could plummet to $45,000 by the end of next year" and that "a recession could lead to a sharp decline centered on Bitcoin and big tech companies."

◇Rising Coins = At 4 pm on the 17th, based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was UXLINK, which rose about 15%.

UXLINK is building a Web 3.0 social platform where users can participate, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to act as a bridge connecting Web 2.0 and Web 3.0, overcoming the limitations of existing social platforms.

For users, it provides various dApps and services that can be used in a group-based manner, and for developers, it supports various APIs and SDKs that can utilize users' social data. Users can easily create a UXLINK account and invite acquaintances using existing social media accounts such as Telegram. The native token of UXLINK, UXLINK, is used as a means of payment and for governance within the platform.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 87 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of strong upward movement accompanied by high trading volume and high volatility. The market is likely to see an exodus at the top, making it a sell zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 72.2, indicating an 'overbought' state. RSI measures the relative strength between the upward and downward pressure on a specific asset price, indicating the degree of overbought and oversold of the asset.