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Bitcoin down again

Bloomberg data this week indicates a significant slowdown.

Bitcoin is falling again, but it remains above $95,000 and Bloomberg data this week indicates a significant slowdown in buying activity in ETFs. Yesterday, they accumulated “only” $91 million worth of Bitcoin, and this entire week has seen a net outflow of about $300 million, while long-term investors are making steady distributions and selling Bitcoin reserves at a rate of up to $2 billion per day, according to on-chain data from Glassnode. Such an environment indicates more potential selling pressure, with insufficient demand, and could signal a potential correction in Bitcoin prices.

On the other hand, however, a potential defense of the area around $91,000 could signal another upward push above $100,000. Yesterday, financial media circulated the news that Scott Atkins, a former member of the Securities and Exchange Commission, is likely to become the next Chairman of the Securities and Exchange Commission.

Atkins himself has long been associated with the blockchain industry, but the market has not “celebrated” these reports for long, and the price of Bitcoin is now gradually stabilizing, after yesterday’s rebound. This could also indicate more selling activity and a widespread belief in profit-taking, after record highs this year. However, given the volume of Bitcoin sales by long-term addresses, they have currently sold around 550,000 Bitcoin, a number that is significantly smaller than the 930,000 that were sold this spring; which could indicate that there is still room for growth.