The Zhitong Finance APP noted that Bitcoin has performed strongly at the beginning of the new year, reclaiming the $100,000 price level, but this digital asset finds it difficult to maintain its growth momentum.
Bitcoin fell 1.8% on Thursday to $92,741, significantly down from the high of $102,733 two days ago, and about 14% lower than the historical record of $108,315 set in mid-December last year.
On Wednesday, investors withdrew a net $583 million from the U.S. Bitcoin ETF, marking the second-highest outflow since the fund was launched a year ago.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250109/1736423189619037.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250109/1736423189619037.png"/>
The success of these ETFs, combined with President Trump's outspoken support for the digital asset industry, propelled Bitcoin to new highs in 2024, but the cryptocurrency's upward momentum has stalled since the beginning of this year. Economic data released on Tuesday further reduced expectations for an imminent interest rate cut by the Federal Reserve, putting pressure on risk assets.
Nick Forster, founder of the crypto trading platform Derive.xyz, stated that traders currently have a demand for downside protection in the form of put options, as the market anticipates increased volatility, &#34;possibly due to concerns about a potential correction.&#34;

GBTC

On Wednesday, the U.S. Bitcoin ETF experienced a net outflow of $583 million, marking the second-highest outflow since the fund's launch. The price of Bitcoin fell by 1.8% to $92,741, significantly down from the two-day high of $102,733. Despite a strong performance at the beginning of the year, Bitcoin's upward momentum has stalled since then. U.S. economic data has lowered expectations for a Federal Reserve interest rate cut, putting pressure on risk assets. Demand for put options has increased, anticipating heightened volatility

- Bitcoin started the new year strong, reclaiming the $100,000 mark, but struggles to maintain momentum.  
- It fell 1.8% to $92,741, significantly down from a recent high of $102,733 and about 14% lower than its record of $108,315 set in mid-December.  
- Investor withdrawals from U.S. Bitcoin ETFs and recent U.S. economic data have increased pressure on risk assets, leading to heightened demand for bearish options as volatility is expected to rise.

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Spot ETF experiences the second largest capital outflow in history, Bitcoin once again falls below the $100,000 mark!