Declining volume, options expiration from Bitcoin ETF outflows stall price surge
Bitcoin prices are failing to surpass the $90,000 mark without a year-end ‘Santa rally’.
According to CoinMarketCap, a global virtual asset market tracking website, on the 26th, Bitcoin was traded at $87,622 per coin as of 8:25 a.m. that day. Compared to a week ago, it rose by 2.53%, but it is down 0.12% compared to 24 hours ago.
Altcoins are also showing sideways movement. Ethereum recorded $2,921, up 3.47% from a week ago, but it is still failing to surpass the $3,000 barrier. During the same period, BNB rose 0.97% to $836.99, XRP increased by 1.77% to $1.84, and Solana rose 1.85% to $121.70.
Bitcoin’s failure to record a year-end uptrend is attributed to declining trading volume and options expiration due to outflows from Bitcoin spot exchange-traded funds (ETFs). Bloomberg and other foreign media outlets forecast that the $23 billion, approximately 34 trillion Korean won Bitcoin options contracts nearing expiration will amplify volatility.
