Bitcoin closed November as its second best-performing month. Several events shaped price performance, but fundamentals played a huge role.
The apex coin started the thirty-day session with small losses, dipping to a low of $66k on the fourth day. Price trajectory started changing in the days leading up to the US elections. BTC gained almost 9% on news of Donald Trump’s victory. It peaked at $76k and $80k a few days later. This event set the tone for the following actions.
Trading action on Nov. 11 saw the apex coin gain exceeding 10%, surging to a high of $89k. A few days later, it finally broke above $90k and continued upwards. Nov. 21 was another memorable day for the asset as it attained another milestone. It surged from $94k to a high of $99.121. It went higher the next day, hitting a new all-time high of $99,800.
Although dreams of the asset hitting $100k never became a reality, it had several builds to it. Nonetheless, it is up by over 38% since the session started. This is one of the best performances this year, second only to February’s performance, which saw the cryptocurrency gain over 43%.
ETFs Hit ATH
Exchange-traded funds were some of the biggest drivers of the ongoing surge. Demand for this asset type soared the day after the election. For example, they recorded the highest single-day inflow on Nov. 7. The funds influx exceeded $1.38 billion. The peak comes a few days after the asset gained over $800 in inflows.
The eleventh month of the year was one of the most bullish for the ETFs. It had a total net flow of $2.2 billion in the first week. It registered a $1.63B the next week and $1.67B the following session. The previous seven-day session was the biggest as the spot ETFs saw a netflow of $3.3 billion.
The total net asset surged from $65 billion to $107B, representing an over 70% increase.
How Bitcoin Perform This December
Many expect a drawback following Bitcoin’s latest bullish push. The fears may be valid as the asset slowed down or registered significant losses during the next month. For example, it slowed down in March after and registered significant losses the next month.
However, onchain metric prints mixed signals. The apex coin is gradually reducing in exchange reserves. These trading platforms saw over 2% decline in their reserves over the last seven days. The trend is ongoing and the storage slightly decreased over the last 24 hours.
While this is a bullish signal, exchanges are seeing a massive decline in BTC inflow. The net deposit dropped by over 1000% against the previous intraday session. The lower deposit shows the bulls are struggling to keep prices at their current levels.
However, the net unrealized profit and loss have been slightly reduced over the last 24 hours as some traders are making a profit. Long-term holders also join the selloffs, moving their assets from cold storage. Miners increased their selling volume and revenue.
Nonetheless, data from Coinglass point to the massive sell walls towards $100k crashing, increasing the likelihood of the apex coin attaining this price mark. This may mean that climb to $100,000 is almost inevitable this December.
