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 Previous article BTC eyes $100k despite $338M Bitcoin ETFs outflows Next
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Home Latest Cryptocurrency News BTC eyes $100k despite $338M Bitcoin ETFs
outflows


BTC EYES $100K DESPITE $338M BITCOIN ETFS OUTFLOWS

By Benson Toti - 3 min read
25 December 2024

The US spot Bitcoin exchange traded funds market continued it’s latest streak of
outflows with another $338.4 million exiting on Dec. 24.

US spot Bitcoin ETFs have recorded net outflows over the past four trading days
now. The streak has coincided with BTC price struggling with downside pressure
since dropping from its all-time high above $108k.

On Tuesday, Bitcoin recovered from intraday lows of $94k to trade above $98k.

However, according to data from SosoValue, traders saw net outflows of over $338
million to bring the total amount of money pulled from U.S. spot bitcoin
exchange-traded funds over the four days to $1.52 billion.


BITCOIN DIP AND ETFS OUTFLOWS

After Monday’s dip and outflows, market analysts at QCP shared their outlook for
the market. They posted on X:

“Bitcoin’s anticipated year-end surge has fizzled. Instead, a $49.3M Mt. Gox
#BTC move sparked a 14% drop, hitting 92.5k before bouncing to 95k. Liquidity’s
drying up, sentiment softens, and ETFs saw their 3rd straight day of outflows.”

In terms of individual funds, BlackRock’s IBIT saw $188.7 million exit on
Tuesday, while Fidelity’s FBTC and Ark and 21Shares’ ARKB recorded $83 million
and $75 million in negative daily flows respectively.

However, Bitwise ETF $BITB saw net inflows of $8.5 million.

These consecutive days of outflows came in a week where the BTC price fell to
near $92k. It’s also a week in which MicroStrategy, the world’s largest
corporate holder of BTC, acquired more to bring its total holdings to 444,262
BTC.

MicroStrategy founder and executive chairman Michael Saylor commented:

“Last week, $MSTR treasury operations resulted in a BTC Yield of .72%, a net
benefit of ~3,177 BTC. At $94K per BTC, that equates to a $299 million gift to
our shareholders.”

Commenting further on the company’s latest BTC buy at the average price of
$106k, Saylor added on X:

“If you are not buying bitcoin at the top, you are leaving money on the table.”

Interestingly, MicroStrategy has also filed a regulatory application that seeks
its shareholders to vote on increasing company shares by 10 billion – plans that
could allow for a staggering splash on Bitcoin.

Before yesterday’s outflows and the streak of outflows, the 12 spot Bitcoin ETFs
had registered 15 straight days of net inflows. In total, positive flows over
the 15 days reached $6.7 billion. The recent streak ended on Dec. 18.

The price of Bitcoin stood at $98,569 at the time of writing on Dec.25. It’s
value against the US dollar has jumped 5% in the past 24 hours.

While it’s pared gains seen in the past month, Bitcoin is up 128% in the past
year. Bulls are likely to eye a surge to $100k during this holiday week.

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REPORT SHOWS A THIRD OF SOUTH KOREANS NOW OWN CRYPTO WITH THIS COIN IN FOCUS

By Charles Thuo - min read
Updated 27 December 2024
 * Over 30% of South Koreans now invest in crypto, with 15.59M holders in
   November.
 * Crypto trading volume in South Korea now rivals stock markets, with daily
   trades hitting 14.9 trillion won.
 * iDEGEN, an AI-powered coin that has raised $8.7M in its ongoing presale, is
   capturing investors’ attention.

According to a recent report, South Korea’s cryptocurrency market is booming,
with over 30% of the population now investing in digital assets. The number of
crypto holders recently surpassed 15 million, fueled by optimism following
Donald Trump’s US presidential election victory.

Amid this surge, a new cryptocurrency, iDEGEN, has captured the attention of
investors, thanks to its innovative pricing model and AI integration. Here’s a
closer look at the trends reshaping the market.


SOUTH KOREA’S CRYPTOCURRENCY BOOM: FACTS AND FIGURES

Added: According to data from the Bank of Korea, over 15.59 million individuals
in South Korea held crypto assets by the end of November 2024, marking an
increase of 610,000 investors from the previous month.

This rise coincided with a broader market surge, partly attributed to renewed
optimism following the US election results.

With a population of approximately 51.7 million, this means more than 30% of
South Koreans are now engaged in the crypto market.

This data was gathered under the Virtual Asset User Protection Act, which went
into effect in July 2024. This act mandates that exchanges safeguard users’
assets, ensuring transparency and fostering trust in the digital currency
ecosystem.

Key metrics underline this explosive growth. Among them, the total crypto
holdings surged to 102.6 trillion won (around $78 billion) in November, a sharp
rise from 58 trillion won in October. Average holdings per person also climbed
to 6.58 million won, while deposits on exchanges nearly doubled, reaching 8.8
trillion won.

Trading activity has been equally impressive, with daily transaction volumes on
the country’s top five exchanges—Upbit, Bithumb, Coinone, Korbit, and
Gopax—hitting 14.9 trillion won rivalling South Korea’s stock markets.

The rise in Bitcoin (BTC) prices also played a pivotal role in this boom. By
November’s end, Bitcoin’s price had jumped from 105 million won to 135.8 million
won, attracting new investors and boosting confidence in the market’s potential.


AMID SOUTH KOREA’S CRYPTO AFFINITY, THIS MEMECOIN HAS BEEN MAKING WAVES

While established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH)
dominate headlines, a newcomer, iDEGEN (IDGN), has emerged as a compelling
option for investors seeking high-growth opportunities.

Launched in November 2024, this AI-powered meme coin has raised over $8.9
million in its ongoing presale and has sold over 1.1 billion IDGN tokens,
generating significant buzz within the crypto community.

What sets iDEGEN apart is its dynamic presale pricing model, a feature rarely
seen in traditional token launches.

The coin’s price adjusts every five minutes based on market activity—rising by
5% with consecutive purchases and dropping by 5% during periods of inactivity.
This mechanism incentivises engagement and introduces unpredictability, making
the coin particularly appealing to adventurous investors.

In addition, iDEGEN integrates artificial intelligence (AI), further enhancing
its appeal. The project’s AI leverages community feedback on X (formerly
Twitter) to refine its development and utility. This adaptive approach signals
that iDEGEN is more than just another meme coin; it’s a project with potential
for long-term growth and real-world application.

With the presale set to conclude on January 1, 2025, with an expected listing
price 10% higher than the final presale price, early adopters stand to gain
significantly.

As innovative projects like iDEGEN capture investor attention, the future of
South Korea’s crypto landscape looks increasingly vibrant and promising.

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27 December 2024 Binance to support Optimism’s network upgrade

--------------------------------------------------------------------------------

27 December 2024 Bitget announces 40% BGB burn, token buyback

--------------------------------------------------------------------------------

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holdings


FEATURED BROKER

Coinbase offers an extensive selection of cryptocurrencies, allowing users to
diversify their portfolios.
Supports users from over 100 countries including the US and Canada
Employs robust security measures, including cold storage, to safeguard users’
crypto holdings.
Open My Account Disclaimer


SUBSCRIBE TO OUR NEWSLETTER

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