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Arslan Butt•Thursday, December 26, 2024•1 min read
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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.
Crypto Market Updates
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
BTC/USD
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
ETH/USD
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
LINK/USD
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
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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