Bitcoin Price Drops to $107K Despite $1B ETF Inflows
The Bitcoin price declined to $107,400, marking a 2.8% drop, even as spot Bitcoin ETFs saw $1 billion in inflows. This movement reflects broader market concerns about the US economy and significant transfers from inactive BTC wallets.
Key Factors Influencing Bitcoin’s Price Movement
- Concerns over US fiscal deficits and potential global trade tensions.
- A dormant wallet from 2011 transferred 80,009 BTC, raising speculation about a possible sale.
- Macroeconomic factors appear to have a greater impact than crypto-specific developments.
Expert Perspective on Market Trends
“Large transfers from old wallets often cause short-term market jitters but seldom lead to lasting price changes,” notes Michael Hartnett, Chief Investment Strategist at Bank of America Global Research.
Historical Precedents of Large BTC Movements
Past instances of similar large-scale transfers did not result in prolonged price declines, suggesting the current dip may be temporary.
