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- The Bitcoin New Year Begins with Decreased Demand:
US-based Bitcoin-focused ETFs experienced outflows of $348 million on Wednesday, erasing the $355 million in inflows from the previous day. These ETFs have recorded outflows totaling $1.09 billion, continuing the withdrawal streak after selling $3.48 billion in November.
Additionally, this marks the fifth consecutive month of decline last year, with an annual inflow of $21.07 trillion.
Data on US Bitcoin ETFs. Source: Sosovalue
On the corporate front, Tether, a stablecoin issuer pegged to the US dollar, announced it had acquired 8,888 Bitcoin over the past three months. This move, along with acquisitions by Strategy, a company affiliated with Michael Saylor, and Metaplanet, increased their holdings to 672,497 Bitcoin and 35,102 Bitcoin respectively, reflecting rising corporate demand.
However, short-term volatility in Bitcoin's price has led to a decrease in retail investors' risk exposure in its derivatives market. CoinGlass data shows a decline in open interest in Bitcoin futures contracts to $54.62 billion on Thursday, down from $94.12 billion on October 7. Typically, a decrease in open interest indicates traders are either closing positions or reducing leverage, signaling a risk-averse sentiment.
Open Interest in Bitcoin Futures Contracts. Source: CoinGlass