Bitcoin (BTC) has been in a net leak of $ 665 million in the US Branch Exchange Transaction Fund (ETF) since February 10, and merchants about the potential reduction of less than $ 95,000 in the last 30 days in the last 30 days I raised concerns between them. If this trend continues for another week, the SPOT BITCOIN ETF market can decrease by $ 16.5 billion.
Despite these leaks, Bitcoin pushed more than $ 98,000 on February 14, suggesting that strong momentum did not depend entirely on institutional investors. But it’s not clear whether this movement has been hedge. This means that some organizations may have purchased Bitcoin futures at the same time to offset the market impact of ETF sales.
In order to confront ETF leaks, several companies, including previous Microstrategy, Metaplanet and Kulr technologies, have increased their Bitcoin reserves. Even traditional financial institutions such as Italy’s Intesa Sanpaolo have recently added bitcoin. In addition, the supply of less than 1 BTC is steadily increasing.
Bitcoin supply with 0.1 ~ 1 BTC address. Source: Glass Node
A wallet associated with retail investors (retail investors between 0.1 and 1 BTC), which has returned back for two weeks between February 3 and February 13, has accommodated more than $ 80 million in Bitcoin. This data further supports the concept that purchase pressure does not come exclusively from institutional investors.
Contrary to expectations of more than $ 105,000, it can be led by small retail traders who have not yet shown significant optimism. According to GlassNode Data, the address with less than 0.1 BTC has been a net seller since January 31, and Google has been significantly reduced in the last three months to search for “Bitcoin” terms.
Google search trend for the term ‘Bitcoin’. Source: Google
Google’s bitcoin search trend reached a peak in mid -November 2024, consistent with a 38%surge in price within 10 days. However, Bitcoin continued to increase to $ 16,000 on January 20, and reached a record high of $ 109,340 on January 20, but the retail profit did not increase.
Weak US economic growth can lead capital to Bitcoin.
The S & P 500 index trading has been strengthened by the strong corporate imports with strong investors within 0.5% of the highest high. A notable example includes EXXON’s 10% quarterly earnings growth, an increase of 12% of JPMORGAN, and an quarterly income by 15%.
It should be noted that even the appropriate 2%profit of the S & P 500 will increase the market cap of $ 1 trillion. As a result, a small amount of capital from stocks to Bitcoin can lead to more than $ 105,000 in cryptocurrency. In addition, concerns about corporate profitability are increasing due to the ongoing global tariff war, and the charm of unclear assets such as Bitcoin is increasing.
According to the data released on February 14, US retail sales decreased by 0.9%, the most rapid decrease in one year. According to Yahoo Finance, GDP can change negatively.
relevant: From Bitcoin Reserves to Task Force, encryption bills are accumulated throughout the United States.
The rise of Bitcoin was also restricted by investor disappointment of US strategic Bitcoin reserves, which were first supported by President Donald Trump, but still unleashed. Similarly, some states of legislative proposals have created uncertainty in adopting government -led by focusing on digital asset regulations rather than directly developing bitcoin reserves.
Ultimately, considering that Bitcoin has maintained more than $ 95,000 despite the sales pressure, ETF leaks should be considered optimistic. In addition, if you worsen the macroeconomic situation and increase uncertainty in the traditional market, you can force investors to find alternative assets, including Bitcoin.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.