Bitcoin trades surpassing Ethereum's market cap occur…"Beware potential volatility"
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- Recently Bitcoin rebounded, but reported that exposure to volatility persists due to large on-chain movements totaling $588 billion.
- About 347,000 Bitcoin were traded in the $101,000 zone, and it said that if the price falls below $100,000, selling pressure could intensify.
- The $90,000 average buy-in price of spot Bitcoin ETFs was also mentioned as a key support, and it was emphasized that further declines could see a crash to $93,000.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Recently, the leading crypto asset Bitcoin (BTC) staged a rebound, but opinions have been raised that a large amount of Bitcoin remains exposed to volatility.
On the 11th (Korean time), according to crypto specialist CoinDesk, Markus Thielen, founder of 10x Research, said in a report, "Bitcoin has been range-bound near $100,000 since last June," and "about 5.9 million Bitcoin ($588 billion) were traded during that period." This exceeds Ethereum (ETH)'s market capitalization of $428 billion.
Thielen said, "A significant amount of Bitcoin in these large on-chain movements flowed to risk-sensitive investors or institutions," and "if the price falls further, they may start selling." He added, "So many bitcoins are effectively under risk pressure."
Thielen particularly saw the $101,000 level as a potential watershed. He said, "About 347,000 Bitcoin (about $36.4 billion) were traded around $101,000," and emphasized, "If Bitcoin falls below $100,000, investors who bought in this zone may step in to buy. If selling intensifies, a liquidity gap could cause a sharp drop to $93,000."
Thielen also pointed to $90,000, the average purchase price of spot Bitcoin ETFs, as an important price level.
As of 3:51 p.m. that day, Bitcoin was trading at $104,958, down 1.21% from the previous day according to CoinMarketCap.
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