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Bitcoin Drops Below $93,000 as Long-Term Holders Keep Taking Profit

Crypto prices are experiencing a rocky Monday due to poor U.S. macroeconomic data and rampant profit-taking.

Bitcoin (BTC) has dropped to $92,528.81, a price not seen since Dec. 5, the day it broke through $100,000 for the first time. The largest cryptocurrency has fallen more than 14% from its Dec. 17 record of $108,278.

Ether (ETH) has lost less, falling 0.7% to $3,320, though it’s now 17% below its December highs, and still has not surpassed the record $4,820 it hit in 2021. Solana (SOL) is also proving a little stronger than bitcoin, with the SOL/BTC ratio up 0.35% today.

MicroStrategy Buys $209 Million of Bitcoin as Purchases Lessen

MicroStrategy Inc. said it bought $209 million of Bitcoin, marking the eighth consecutive week of purchases for the dot-com-era software maker turned leveraged proxy for the original cryptocurrency.

Michael Saylor, co-founder and chairman of the Tysons Corner, Virginia-based firm, has focused on increasing MicroStrategy’s holdings of Bitcoin. This strategy has led the company to a market capitalization of more than $80 billion, helping it to join the Nasdaq 100 Index last week.

MicroStrategy purchased 2,138 Bitcoin tokens at an average price of approximately $97,837 from Dec. 23 through Dec. 29, according to a filing with the US Securities and Exchange Commission on Monday. Bitcoin prices have dropped back from highs above $100,000 earlier in December, yet MicroStrategy has still reduced the amount of Bitcoin it purchases weekly.

BlackRock’s Bitcoin Fund Became ‘Greatest Launch in ETF History’

The iShares Bitcoin Trust smashed industry records in its launch year of 2024. In just 11 months, it grew to a behemoth with more than $50 billion in assets. Simply put, no ETF has ever had a better debut.

IBIT’s size swelled to the equivalent of the combined assets under management of more than 50 European market-focused ETFs, many of which have been around for more than two decades, Todd Sohn, managing director of ETF and technical strategy at Strategas Securities, pointed out in a note. Nate Geraci, president of advisory firm The ETF Store, called it “the greatest launch in ETF history.”

Bitcoin Smashed Records This Year. The Crypto's Price Could Double Again in 2025

It's been a stellar year for Bitcoin - and cryptocurrency bulls are predicting more heady gains in 2025.

The world's largest token has jumped 123% since Jan. 1, powered higher by the expectation that President-elect Donald Trump's incoming administration will slash digital-asset regulation, as well as excitement around spot exchange-traded funds that have opened the crypto to institutional investors for the first time.

Alex Thorn, head of research at the crypto trading firm Galaxy Digital, said in a note on Friday that Bitcoin's price will pass $150,000 over the first half of next year and "test or best" the $185,000 level by the end of 2025.

"A combination of institutional, corporate, and nation state adoption will propel Bitcoin to new heights in 2025," Thorn wrote.

Bitcoin Spot ETF Flow

The Bitcoin spot ETF with the highest net outflow on December 30 was Fidelity Wise Origin Bitcoin (FBTC), with a net outflow of $154.64 million. While Grayscale Bitcoin Trust showed a net outflow of 134.50 million, according to SoSoValue.