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Bitcoin holds strong above $100k as corporate executives offload stocks

Bitcoin holds strong above $100k as corporate executives offload stocks

CryptopolitanCryptopolitan2024/12/14 02:44
By:By Shraddha Sharma

Share link:In this post: Bitcoin remains above $100k despite record corporate stock sell-offs. High transaction volumes fuel BTC resilience. While executives offload stocks at a 6:1 ratio, Bitcoin has rapidly recovered from dips.

Bitcoin continues to show remarkable resilience, trading above the $100,000 mark despite a record sell-off by corporate executives in traditional markets.

The largest crypto by market cap absorbed potential profit-taking and maintained its momentum. We see strong demand and renewed investor confidence behind the market activity. Fresh capital inflows appear to be fueling the surge, with Bitcoin weathering price dips that barely last a day.

Bitcoin above $100k as it absorbs potential profit-taking

Bitcoin’s performance remains strong after hitting the much-awaited record high of $100K. At press time, BTC is trading above the level after touching a 24-hour high of $102,528, as per CoinGecko data on Friday.

IntoTheBlock data reveals that 99% of holders are in profit at the current price. What is noteworthy is the Bitcoin price strength despite volatility in traditional financial markets. Data from blockchain analytics firms also underline that 71% of Bitcoin holders have held their assets for over a year, again showcasing a long-term conviction.

Fresh capital appears to be a key driver behind Bitcoin’s resilience. CryptoQuant’s Ki Young Ju previously explained “fresh capital” as the reason behind sustained price momentum.

Additionally, transaction volumes for transfers greater than $100,000 have exceeded $233 billion over the past week, which can only mean one thing— institutional interest.

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Stocks see high sales in 6:1 ratio

While Bitcoin soars, corporate executives are selling stocks at record levels. According to The Kobeissi Letter on X, the ratio of stock sellers to buyers has hit a staggering 6:1. This could indicate executives capitalizing on high valuations or repositioning their portfolios in either light of economic uncertainties or overvaluation.

Despite this, Bitcoin remains largely unaffected with minor profit-taking in 24 hours and a rather quick recovery. The Kobeissi Letter suggests that Bitcoin had a quick recovery from recent price dips—lasting less than a day for drops of over 5% since November 5th.

Bitcoin holds strong above $100k as corporate executives offload stocks image 0 Bitcoin Liquidations | Source: Coinglass

Bitcoin is touching a YTD of 140% as year-end investor confidence continues. Coinglass data reveals that in the past 24 hours, $36.59 million in longs were liquidated. This indicates that price drops caught many by surprise, while $14.37 million in shorts were liquidated, reflecting some recovery.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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