BTC (Bitcoin) fell 2.38% in the last 24 hours

Gate News Bot news, on November 14, according to CoinMarketCap data, as of the time of publication, BTC (Bitcoin) is currently priced at $99,535.64, down 2.38% in the last 24 hours, with a high of $107,428.26 and a low of $97,988.72, and a 24-hour volume of $10.246 billion. The current market capitalization is approximately $1.99 trillion, a decrease of about $48.416 billion compared to yesterday.

Bitcoin is a decentralized digital currency, first proposed by Satoshi Nakamoto in 2008. It is the first and the largest cryptocurrency by market capitalization, using blockchain technology to record transactions, and is not controlled by any central authority.

Important news about BTC recently:

1️⃣ Long-term holders are selling off en masse In the past 30 days, long-term holders of Bitcoin have sold approximately 815,000 BTC, reaching a new high since January 2024. This large-scale selling has caused significant downward pressure on the market and is one of the main factors contributing to the recent price fall.

2️⃣ Institutional Investor ETF Position Changes A large amount of funds has flowed out of the Bitcoin ETF market, with a total net outflow of 2,300 BTC from 10 Bitcoin ETFs, amounting to approximately $235 million. Among them, Fidelity's ETF product had the highest outflow, reaching 1,308 BTC. This indicates that institutional investors are adjusting their cryptocurrency portfolios, which may negatively impact short-term market sentiment.

3️⃣ Sovereign Wealth Fund Allocates Bitcoin Luxembourg's intergenerational sovereign wealth fund (FSIL) has decided to allocate 1% of its investment portfolio specifically to Bitcoin, becoming the first sovereign wealth fund in Europe to invest in Bitcoin. This move reflects the increasing recognition of Bitcoin by traditional financial institutions, which is beneficial for the long-term stability of Bitcoin's value and market development.

From a technical perspective, the price of Bitcoin is currently fluctuating between $94,000 and $100,000. JPMorgan analysts believe that $94,000 is a key support level and maintain a long-term bullish expectation of $170,000. However, market sentiment remains cautious in the short term, with the fear index at an “extreme fear” level.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.