Bitcoin (BTC) is showing strength in the $87,000 range. Analysts say its fourth-quarter performance significantly lags behind stocks, potentially triggering year-end and early-year rebalancing buying.
According to CoinMarketCap, a global virtual asset market monitoring site, as of 8:00 AM on the 17th, BTC was trading at $87,749.63, up 2.07% from the previous day. Ethereum (ETH) is trading at $2,952.46, up 0.49%. BNB is up 2.59% at $873.37, XRP is up 2.24% at $1.926, and Solana (SOL) is up 1.87% at $128.58.
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The domestic market is showing a similar pattern. At the same time, BTC (based on Bithumb) was trading at 130,622,000 won, up 0.60% from the previous day. ETH rose 0.32% to 4,394,000 won, XRP rose 0.07% to 2,866 won, and SOL fell 0.16% to 191,200 won.
Cryptocurrency-related stocks also rebounded after the previous day's plunge. Strategy rose 3.34%, and Circle rose 9.98%.
Market observers predict that demand for portfolio adjustments ahead of the end of the year could support BTC prices. Betle Lunde, Head of Research at European cryptocurrency research firm K33, analyzed, "Asset managers who have previously set BTC allocation targets may engage in buying as they adjust their year-end asset allocations." In this scenario, he predicts increased fund inflows between the last trading day of the year and early January. He cited BTC's 26% underperformance against the S&P 500 index since the beginning of the fourth quarter as evidence.
However, market participants' risk appetite is assessed as limited. Lunde stated, "CME's Bitcoin futures open interest is at a yearly low of approximately 124,000 BTC," and "the perpetual futures funding ratio remains neutral, indicating low confidence in the short-term direction." Spot trading volume also decreased by 12% as of last week, leading analysts to speculate that a wait-and-see attitude is intensifying ahead of the year-end.
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me fell five points from the previous day to 11. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Do Ye-ri
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