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Bitcoin Holds Above USD 100,000 Despite Market Selloff, ETF Inflows Continue

December 19, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Christopher Tahir - Senior Market Strategist at Exness.

Bitcoin pulled back temporarily below the USD 100,000-mark following the Federal Reserve's rate decision before rebounding above this key level. The broader market experienced significant losses during that period. Federal Reserve Chair Powell reiterated that the Fed cannot hold Bitcoin and projected that inflation could take some time to return to the 2% target which could weigh on the crypto market if interest rates remain elevated for longer. These factors have added volatility to the crypto market.

Despite the market's turbulence, Bitcoin Spot ETFs have seen strong inflows, with USD 275 million added on December 18, marking the 15th consecutive day of positive inflows. This sustained interest highlights growing institutional demand for Bitcoin. Capital inflows could provide significant support to the Bitcoin market, suggesting that institutional confidence remains strong despite broader market volatility.

Ethereum also saw positive capital movements, with $2.45 million in net inflows on December 18, extending its streak to 18 consecutive days of inflows. The sustained inflows into both Bitcoin and Ethereum ETFs reflect the increasing institutional adoption of digital assets, potentially supporting higher valuations for both assets.

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