Daily Crypto Signals: Bitcoin ETF Outflows and Bullish Derivatives Signal Mixed Sentiment
While derivatives data points to a possible climb to $105,000, BlackRock’s Bitcoin ETF provides contradictory signals in the cryptocurrency market as withdrawals occur. Concurrently, Singapore becomes the top blockchain innovation center in the world, highlighting the rising worldwide acceptance of cryptocurrency infrastructure.
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Christmas Eve saw BlackRock’s iShares Bitcoin Trust ETF (IBIT) record its highest-ever single-day outflow of $188.7 million, therefore adding to a total outflow of $1.52 billion across all US spot Bitcoin ETFs since December 19. With $53.6 million in inflows on December 24, after a $130.8 million influx the day before, Ether ETFs retain good momentum however.
Bitcoin Tests $100K
Resiliently increasing 6.5% since its December 23 low of $92,458, Bitcoin (BTC) With futures contracts selling at a 12% premium over spot markets, showing great demand for leveraged long bets, derivatives data remains positive. BTC/USD market mood is neutral-to-bullish despite recent volatility; analysts project possible upward beyond $105,000.
Ethereum ETFs Cross $2.5B
Despite a 10% weekly price drop, Ethereum (ETH) ETFs have exceeded $2.5 billion in total inflows, proving great institutional interest. ETH/USD runs against resistance at the $3,500 psychological threshold when trading at $3,475. Industry analysts—including VanEck—have high expectations, projecting a possible rise to $6,000 by 2025.
Chainlink’s Increased Whale Activity
Over 72 hours, Chainlink LINK/USD has seen notable whale activity; big holders withdrew 362,380 LINK (about $8.19 million) from Binance. LINK keeps a 27% monthly gain while having a 25% weekly correction. Price forecasts point to possible upside to $30 by January 2025; some analysts see a spike to $59 by May 2025.
Top Altcoins to Watch
The altcoin market shows mixed performance, with several tokens displaying potential for growth:
- Solana SOL/USD shows resilience at its uptrend line, though facing resistance at the 20-day EMA
- BNB BNB/USD consolidates between $635 and $722, suggesting possible range-bound action
- Avalanche (AVAX) attempts recovery but faces resistance at moving averages
- Cardano ADA/USD maintains support at $0.80 despite bearish pattern formation
- Dogecoin DOGE/USD struggles to gain momentum above $0.30
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