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Bitcoin: Key Metrics And Movements Amid Price Volatility
As the cryptocurrency market continues to be volatile, several key metrics and movements have been observed in the Bitcoin space. Despite recent declines in price, short-term holders remain profitable, with an average unrealized gain of +7.9%. The collective cost basis for these holders stands at $86.8K, a crucial level that could impact local price momentum.
In other news, MicroStrategy has continued to strengthen its Bitcoin holdings by adding 2,138 BTC ($209M) last week at an average price of $97,837 per coin. This move brings the company’s total holdings to 446,400 BTC (worth $41.78B), acquired at an average cost of $62,428. As a result, MicroStrategy’s current unrealized profit stands at approximately $13.92 billion, illustrating its long-term bullish stance on Bitcoin.
Meanwhile, Tether has made significant moves by withdrawing 7,629 BTC ($705M) to its Bitcoin reserve address for the first time in nine months. This withdrawal marks the stablecoin issuer’s largest addition to its reserves since September 2024. Following this development, Tether now holds a total of 82,983 BTC (worth $7.66B), further diversifying its asset backing.
In terms of ETFs, Bitcoin spot ETFs witnessed mixed activity over the past week. The net outflow from December 23 to December 27 reached $388 million. However, Fidelity’s Bitcoin ETF (FBTC) recorded a surprising net inflow of $183 million during the same period. As a result, the total net asset value of Bitcoin spot ETFs currently stands at $106.68 billion, indicating sustained institutional interest despite price fluctuations.
The cumulative impact of these developments could prove pivotal in determining Bitcoin’s price trajectory over the coming weeks.
Source: nulltx.com
