Bitcoin (BTC), which had reached an all-time high of around $123,000 and then declined, is now rising again, reclaiming the $120,000 level. This is analyzed to be due to continued institutional fund inflows through ETFs and corporate BTC accumulation.
As of 8 AM on the 23rd, according to the global cryptocurrency market site CoinMarketCap, BTC is trading at $119,896.42, up 2.09% from the previous day.
At the same time, the altcoin leader Ethereum (ETH) is down 1.17% at $3,721.55, XRP is down 1.12% at $3.52, and Solana (SOL) is up 2.34% at $202.06.
Based on Bithumb, BTC is up 0.50% at 162,762,000 won. ETH is up 0.26% at 5,052,000 won, XRP is up 0.15% at 4,793 won, and SOL is down 0.25% at 274,200 won.
BTC had previously soared to an all-time high of around $123,200 just before 'Crypto Week' when the U.S. House of Representatives passed the three cryptocurrency laws. After profit-taking caused it to drop below $120,000, it is now rebounding.
This is interpreted as continued institutional fund inflows through ETFs and corporate BTC accumulation, led by Strategy (formerly MicroStrategy), the company with the most BTC holdings. Strategy added 6,220 BTC, increasing its holdings to 607,770 BTC, which represents about 3% of the total circulating BTC.
Over 1,000 BTC were also transferred from Elon Musk's SpaceX wallet after three years. SpaceX is one of the companies holding the most Bitcoin, with around 7,000 BTC. According to blockchain analysis platform Arkham, 1,308 BTC were transferred from a SpaceX-owned address to a previously inactive wallet. This is the first transfer since June 10, 2022, when 3,505 BTC were moved to Coinbase.
The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me is up 1 point to 72, indicating a state of 'greed'. This index means that the closer to 0, the more constrained the investment sentiment, and the closer to 100, the more overheated the market.
- Reporter Shin Jung-seop
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