Bitcoin Surges Above $123,000 Amid ETF Inflows and Market Speculation
Asia Market Summary
Bitcoin is trading above $123,000 in Asia, driven by ETF inflows and mid-tier accumulation. Analysts suggest this signals an aggressive rally with structural bullishness.
- QCP observes capital shifting from AI equities to assets like gold and Bitcoin amid policy uncertainty.
- Glassnode highlights record ETF inflows and mid-tier accumulation turning resistance into support.
- CryptoQuant notes on-chain profit-taking is below historic peaks, indicating potential for further growth.
Despite optimism, caution is advised due to high futures open interest, funding rates over 8%, and a call-heavy options market, potentially leading to a leverage reset.
Different analysts provide varied perspectives:
- Glassnode warns of necessary leverage reduction for rally stability.
- CryptoQuant sees room before euphoria impacts the market.
- QCP views the movement as part of a macro shift to "credibility hedges."
Market Movement
- Bitcoin (BTC): Trading at $123,000, supported by ETF inflows and whale accumulation. Institutional demand maintains the uptrend.
- Ethereum (ETH): At $4,516, stable amidst volatility. Supported by ETF inflows and anticipation of December's Fusaka upgrade.
- Gold: Surged past $4,000 due to geopolitical tensions and central bank demand.
- Nikkei 225: Increased by 1.1%, led by SoftBank's 10% rise after acquiring ABB’s robotics unit.