Bitcoin’s progress slowed down which resulted in its longest losing streak since Trump’s election win that sparked a surge in the market earlier this month. After several attempts to breach the $100,000 barrier, Bitcoin only dropped to $93,000 and ended up losing more than 5% within 24 hours. Over time, it took a while until it was able to bounce back Tuesday above $94,200 in early trading in Asia.
Any gains achieved by Bitcoin were offset over the last 24 hours as the rest of the crypto market also suffered a loss recording a 3.8% fall. Many long-term holders decided to sell off as Bitcoin prices shot up beyond their expected profits. According to Glassnode, it appears that the sale pressure from these types of investors is now at its highest level since April 2024.
The most aggressive sellers were holders of Bitcoin aged 6–12 months who cumulatively sold off 25,600 BTC a day, bringing nature to cutting off profit rations.
The average buyer for these investors purchased Bitcoin at prices as low as 71% below the current market price of $57,900. With cryptocurrencies experiencing extreme volatility as prices skyrocketed from $74,000 to nearly $100,000 which prompted them to enter the market and reek opportunistic profits.
Bitcoin ETFs Continue to Witness Selling Pressure
Spot Bitcoin ETFs have been steadily offsetting selling pressure from long-term holders in recent weeks. After the US elections, more than $7 billion has been invested in the US spot bitcoin ETFs bringing their total assets to over $105 billion.
However, the scenario changed on November 25. The US spot bitcoin ETF saw a net outflow of $438 million with the Bitwise spot bitcoin ETF being the most affected as it saw a decline of $280 million. On the same day, BlackRock’s IBIT ETF made heads as it garnered a net inflow of $267 million instead of following the downward trend.
Traders Still Checking ‘hot altcoins’ Amid Bitcoin Pullback
Bitcoin may have fallen beneath its all-time high prices, but according to Santiment’s social sentiment tracker, altcoins remain a widely discussed subject among traders.
In a post posted on X on November 26, the on-chain analytics company stressed the fact that Bitcoin prices fell to $93,000 on November 25, remained traders speculate on altcoins and search for opportunities.
According to Santiment ,sandbox metaverse token, stellar and ether are among those with the biggest and most social discussions. Most of the discussions that surround these coins seem to be positive. Leading the pack is SAND, which has gained attention thanks to renewed interest in metaverse investments. Investors are showing growing confidence in SAND and similar tokens, signalling a potential comeback for the metaverse trend.
Elon Musk Fires Shots At Jim Cramer Over Bitcoin Statement
Irish-American investor Jim Cramer is known for taking bold positions on controversial topics. Due to his recommendations and predictions being wrong often, there has recently arisen a phenomenon referred to as ‘the Inverse Cramer’ effect. Following those remarks, the price of Bitcoin fell once again, adding to the phenomenon.
With respect to this, Elon Musk tweeted with a laughing emoji and mark ‘100%’ reacting to the market response to Cramer’s comments. Musk’s jabs can be attributed to how Cramer has notoriously been known to have controversial views so this does not come as a surprise.
BTC continued to fall below the mark of $93,000, showing a high degree of volatility within the market. However, it is clear that there is a degree of support as prices are on the rise above the 94,200 mark. Additionally, BTC ETFs have been in substantial demand following the U.S. elections, which saw over $7 billion worth of investments flooding into the region. This further saw the total assets rising above $105 billion. Lastly, Jim Cramer’s positive remarks further exacerbated the debate around the ‘inverse Cramer’ effect, adding another interesting dynamic to the price activity of BTC.
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