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Reading: Is BTC’s Dominance at Risk?
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EdaFace Newsfeed > Latest News > Crypto News > Is BTC’s Dominance at Risk?
Crypto News

Is BTC’s Dominance at Risk?

vitalclick
Last updated: December 25, 2024 11:50 am
5 months ago
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Contents
US Spot BTC ETFs Are BleedingAltcoins Take the LeadWhat’s Next for Bitcoin?Never Miss a Beat in the Crypto World!

While the market was red last week, crypto saw some action in the last 24 hours with with Bitcoin, Ethereum, and altcoins rebounding. The king crypto Bitcoin went up from $94K to $99K which is seen as a “Santa Claus rally,” but it could also be a profit-taking shift. BTC is currently holding above $98K, but traders are cautious as year-end expiry approaches. In the meanwhile, current savior ETFs are also taking a toll by losing $1.4B within 4 days. ETFs in January this year have given an instant boost to the dull market however the assets lost their charm mid-way but analysts are positive that they will revive soon. With ETH ETF inflow, is the market showing signs of an early altcoin rally? 

Let’s dive in!

US Spot BTC ETFs Are Bleeding

BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw a record outflow of $188.7 million on Christmas Eve, marking its largest single-day outflow. This was part of a larger trend, with Bitcoin funds losing $1.5 billion over four days (Dec. 19–24). Other Bitcoin ETFs, including those from Fidelity and ARK 21Shares, also saw significant outflows, while Bitwise Bitcoin ETFs were the only ones to record an inflow.

Altcoins Take the Lead

In the meanwhile ETH ETFs are moving slowly and steadily with rising traders’ interest in altcoins, with Bitcoin’s role in the market weakening slightly. In the downtrend, Ether funds saw $53.6 million in inflows, followed by a $130.8 million inflow the previous day. Despite a slow start this year, analysts speculate that Ether may outperform Bitcoin in January 2025, as the ETH/BTC ratio shows strength.

  • Also Read :
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What’s Next for Bitcoin?

BlackRock’s Bitcoin ETF outflows and the broader trend of Bitcoin ETF withdrawals have left investors questioning their next move. Crypto analyst Skew noted that passive ask liquidity is around $100K, with key price areas at $105K. He suggests that large market entities might be strategically positioning for higher prices into the new year.

Bitcoin’s price recently jumped 4% to $98,014, though trading volume has decreased by 24%, signaling reduced interest. Traders are advised to monitor volume and sentiment, with significant BTC options expiring this Friday, adding another layer of uncertainty to the market.

The shift in investor focus suggests that Bitcoin’s dominance may soon be tested—only time will tell which way the market will blow.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

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