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Bitcoin Drops for Third Straight Day as U.S. Spot ETFs Outflows Hit Record

December 20, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.

Bitcoin prices retreated for a third consecutive day, following a record USD 670 million in outflows from U.S. spot Bitcoin ETFs, ending a 15-day streak of positive inflows as institutional investors secured their profits. This decline could weigh strongly on the cryptocurrency and broader market sentiment, particularly as Bitcoin fell below the USD 100,000 mark, indicating potential short-term volatility and downside risks.

Meanwhile, the SEC's approval of two Bitcoin/Ether combo ETFs is a positive development for Bitcoin, offering greater diversification for institutional investors. This could drive increased demand for both Bitcoin and Ethereum, benefiting the broader crypto market. However, the SEC's reluctance to approve altcoin ETFs may limit expansion in the altcoin space, further solidifying Bitcoin and Ethereum's dominance.

At the same time, the market could benefit from growing institutional confidence in Bitcoin, as more companies adopt the cryptocurrency as part of their treasury strategy. In this regard, Metaplanet is issuing USD 33 million in bonds to increase its Bitcoin reserves, with the goal of becoming Asia's largest Bitcoin holder. El Salvador also added 11 BTC to its national reserves highlighting the country's continued support for cryptocurrencies, potentially encouraging broader adoption.

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