BTC Slides Below $93k on Profit-Taking

On Monday, BTC succumbed to profit-taking, dropping below $93k as investors awaited fresh price catalysts. Despite Monday’s retreat, sentiment remains bullish.

The Kobeissi Letter, an industry-leading commentary on the global capital markets, highlighted optimism for BTC’s 2025 outlook, stating,

“Prediction markets now see a BASE CASE of bitcoin rising above $150,000 by the end of next year. The odds of bitcoin rising above $150,000 in 2025 have jumped from 13% to 58% in just 2 weeks, according to Kalshi. The medium expectation is now for bitcoin to rise to $158,000 in 2025. There is also a 77% chance of bitcoin crossing above $125,000 next year. Prediction markets think bitcoin has much more room to run.”

Supply-demand shifts remain crucial for BTC to break above the $100,000 threshold. BTC-spot ETF market flow trends and progress toward BTC becoming a US strategic reserve asset may tilt the supply-demand balance in its favor.

US BTC-Spot ETF Market Ends Five-Day Winning Streak

On Monday, the US BTC-spot ETF market faces the prospect of ending its five-day winning streak. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $134.7 million.
• Bitwise Bitcoin ETF (BITB) saw net outflows of $280.7 million.
• Grayscale Bitcoin Trusts (GBTC) reported net outflows of $158.2 million.
• ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $110.9 million.

Excluding flow data for iShares Bitcoin Trust (IBIT), BTCO, and HODL, net outflows totaled $684.1 million. Nevertheless, Monday’s outflows only made a minor dent in last week’s inflows of $3,353.1 million.

Bloomberg Intelligence Senior Analyst Eric Balchunas remarked on BTC-spot ETF flow trends and BTC’s retreat, saying,

“I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but price doesn’t move up- which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long-term hodlers.”

Bitcoin (BTC) Price Prediction

On Monday, BTC slid by 5.16%, reversing a 0.80% gain from Sunday, closing at $92,845. BTC dropped below $95,000 before finding support.

On Tuesday, November 26, SEC Chair-related updates and BTC-spot ETF flow trends require consideration. A pro-crypto Chair supporting crypto-friendly regulations could boost investor appetite for BTC and the broader crypto market. However, BTC-spot ETF market flow remains crucial for BTC’s move to $100,000.

Stay tuned for updates on how regulatory shifts and market dynamics influence crypto trends.