Bitcoin Drops to $120K as Spot Gold Hits Record High
Bitcoin Price Movement
- Bitcoin has dropped 2.22% in the past 24 hours, currently trading near $121,000.
- The price is down 3.75% from its recent all-time high of $126,000.
Spot BTC ETFs Activity
- Recent spot BTC ETFs recorded the second-highest inflow since January 2024, totaling $1.19 billion on Oct. 6.
- BlackRock’s iShares Bitcoin Trust led with $967 million in inflows, but there were outflows of $23.81 million on Oct. 7.
Probability of Price Increase
- Economist Timothy Peterson suggests there's a 50% chance Bitcoin could exceed $140,000 by the end of October.
- There is also a 43% chance it could close below $136,000 due to market volatility.
Gold Market Surge
- Spot gold reached an all-time high of $4,017.16 per ounce on Oct. 8.
- US gold futures for December delivery rose to $4,040 per ounce.
- Gold's year-to-date performance is up 53%, following a 27% gain in 2024.
On-Chain Data Insights
- Bitcoin’s Fund Flow Ratio has fallen to its lowest level since July 2023, indicating reduced selling pressure.
- This suggests more Bitcoin is being held in private wallets or used in DeFi applications rather than moved for liquidation.
This behavior often precedes medium-term bullish trends, as investors look for new investment opportunities.