BlackRock transfers 2,196 Bitcoin to Coinbase Prime

On December 10, BlackRock's IBIT led a significant inflow of $224 million into Bitcoin spot ETFs, indicating a growing investor confidence in cryptocurrency despite ongoing market volatility. This influx reflects a broader trend of institutional interest in Bitcoin as a viable investment vehicle.

Bitcoin's price has recently experienced significant declines, attributed to market manipulation by trading desks, particularly Jane Street, as noted by crypto analyst Bull Theory. The price dropped sharply at 10 a.m. ET, erasing gains within minutes after the U.S. market opened, a trend observed since early November when Bitcoin fell below $100,000.

Bitcoin's price surged to a three-week high of $94,600 before settling around $92,450, prompting significant trading activity and social media discussions urging further purchases. Analysts noted that while retail interest spiked, the market's response appeared uneven, raising questions about the sustainability of this rally.

Cathie Wood, CEO of Ark Invest, discussed her bullish outlook on Bitcoin during an appearance on Fox Business, asserting that the cryptocurrency is currently 'climbing another wall of worry' despite recent price retracements. Wood believes that the U.S. is entering a 'historic productivity surge' and anticipates a positive trajectory for Bitcoin by 2026, despite fears surrounding its historical four-year cycle.

On Tuesday, the price of Ethereum surged by 6.5%, reaching the significant $3,300 mark for the first time in nearly a month, marking a nearly 12% recovery over the past week. This increase has positioned Ethereum ahead of its competitors among the top ten cryptocurrencies by market capitalization. Analysts attribute this rise to heightened institutional interest, particularly from major players like BitMine, which holds a substantial collection of ETH.

Ethereum's institutional market momentum has significantly declined, with ETF flows experiencing their worst month since launch, totaling approximately $1.4 billion in net outflows. This downturn reflects a broader cooling in investor demand amid market volatility and changing risk appetites.

The number of Bitcoin addresses holding over 0.1 BTC has not increased in the past two years, breaking a long-standing trend of growth that persisted through various market cycles. This stagnation suggests a shift in the engagement of smaller and mid-sized investors with Bitcoin, even as institutional interest in the cryptocurrency market continues to rise.

Ether's price surged by 8%, significantly outperforming Bitcoin, following BlackRock's recent filing for a staking Ether ETF. This development highlights a growing optimism in the cryptocurrency market, particularly regarding tokenization and staking opportunities.