Bitcoin’s price is down over 10% from its all-time high and its critics are taking victory laps this week as bitcoin has plummeted all the way back to… $97,000.

It is still practically almost $100,000 for a single bitcoin. It is crazy to me to think that the “dip” is back to just under that important milestone, and really shows how far this asset has come over the last 15, going on 16 years.

Year-to-date, bitcoin is up over 128%. And by historical trends, it is entering into its third year of rising in price before having a large correction. So this tells me that bitcoin isn’t done pumping yet, it’s just taking a breather before its next leg up.

#Bitcoin should continue pumping…

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On December 20, 2024, the daily net flow of U.S. Bitcoin ETFs primarily showed notable outflows, suggesting a day of cautious trading or profit-taking among investors. BlackRock’s Bitcoin ETF (Ticker: IBIT) recorded no change in its holdings, maintaining a steady position despite broader market movements.

Fidelity’s Bitcoin ETF (Ticker: FBTC) experienced a significant net outflow, losing 2,162 BTC. Similarly, ARK’s Bitcoin ETF (Ticker: ARKB) saw a considerable decrease, shedding 1,123 BTC. Bitwise’s Bitcoin ETF (Ticker: BITB) and Invesco Galaxy’s (Ticker: BTCO) also faced outflows of 452 BTC and 146 BTC, respectively.

Grayscale’s GBTC (Ticker: GBTC) saw a decrease of 366 BTC, and Valkyrie’s (Ticker: BRRR) had a smaller outflow of 85 BTC. Grayscale’s BTC fund (Ticker: BTC), VanEck’s (Ticker: HODL), and Franklin Templeton’s (Ticker: EZBC) holdings remained stable with no net inflows or outflows reported.

Overall, the total holdings of these ETFs amounted to 1,136,140 BTC, with a net daily decrease of 4,334 BTC, valued at approximately $413.7 million. This reflects a cautious or bearish sentiment among investors on this particular day in the Bitcoin ETF market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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El Salvador has significantly increased its Bitcoin holdings, purchasing 11 BTC worth over $1 million, despite a recent agreement with the International Monetary Fund (IMF) to scale back its crypto initiatives. This acquisition, made just a day after the deal, boosts the nation’s total Bitcoin assets to approximately 5,980, valued at over $577 million. This move is part of a broader strategy to solidify El Salvador’s position as a leader in the cryptocurrency economy.

Deviation from their regular “1 Bitcoin a day” purchasing plan marks a bold step for the country, aligning with the National Bitcoin Office’s intent to accelerate Bitcoin acquisitions. Stacy Herbert, the director of the Bitcoin office, confirmed this strategic shift on December 19. This comes amid an IMF deal mandating changes to El Salvador’s Bitcoin policy, which includes reducing the compulsory nature of Bitcoin transactions in business operations and limiting tax payments to US dollars.

Despite international skepticism and economic warnings, El Salvador is doubling down on its commitment to Bitcoin. The country continues to embrace the cryptocurrency as legal tender and is pushing forward with initiatives to enhance Bitcoin education, market development, and support for private-sector Bitcoin wallets, aiming to bolster its digital economy and maintain its pioneering role in cryptocurrency adoption.