- Bitcoin dipped below $84,000, even with ongoing inflows into spot ETFs, as profit-taking activities surfaced.
- According to Glassnode, the surge in Bitcoin’s value was fueled by spot ETF inflows, but selling by perpetual futures traders and current holders partially countered these gains.
- Prominent altcoins such as Ethereum, XRP, and Solana also experienced a downward trend.
Trend Forecast Report by Period
Bitcoin experienced a rise of approximately 4% last week due to significant inflows into spot exchange-traded funds, but has now fallen below the $84,000 mark as profit-taking became evident.
As of 9:45 a.m. on September 29 in South Korea, Bitcoin was valued at $83,472 in Binance’s USDT market, marking a 1.66% decrease from the previous day. On Upbit’s won market, it was trading at 113.357 million won, down 0.17% from the day before.
The on-chain analytics company Glassnode noted that the previous week’s Bitcoin gains were largely attributed to the influx into spot ETFs. While ETF investment drove the price upward, concurrent selling by perpetual futures traders and existing holders mitigated the impact of these inflows. Additionally, profit-taking occurred as prices rose, resulting in a partial offset to the ETF-driven gains.
Several key altcoins also experienced declines. Ethereum saw a minor decrease of 0.1%, trading at $2,684.48 on Binance’s USDT market, while XRP dropped by 2.1% to $1.4939. Solana fell by 3.58%, now priced at $118.36.