Crypto Market Begins To Recover, Major Investors Swept Bitcoin Amid Retail Capitulation

Illustration (photo: Unsplash)

JAKARTA - The crypto asset market showed a recovery signal, where Bitcoin (BTC) had fallen below the US$80,000 (Rp1.33 billion) last week, and managed to rise to the level of US$88,000 (Rp1.46 billion).

The Financial Expert Ajaib, Panji Yudha, explained that the sharp correction triggered realized loss (realized loss) to reach 800 million US dollars in the highest level a week since the collapse of FTX in 2022.

He explained that Glassnode data showed that the losses came from the short-term holders group who carried out the capitulation, reflecting the panic of retail investors.

"In contrast to retail panic, big investors (whole) actually show an aggressive buy the dip signal," Panji said in a statement quoted on Tuesday, November 25.

Strategy, a company led by Michael Saylor, is one of them, where they spent more than 800 million US dollars to accumulate BTC last week.

However, market pressure does not completely subside. Panji highlighted that the Bitcoin Spot ETF noted weekly net outflows reached 1.2 billion US dollars, one of the largest since ETF was first launched.

This is one of the toughest weekly totals since the launch of the ETF. This outflow peaked on Thursday, November 20, with a recall of more than 902 million US dollars," he explained.

However, signs of stabilization began to appear towards the weekend. "Behind the release of the large funds, cumulatively ETF Bitcoin Spot still manages assets of more than 110 billion US dollars," Panji said.

The daily flow of funds also showed improvement. On November 21, the market recorded an inflow of $238 million, reversing from a large outflow the day before.

For short-term prospects, Panji estimates Bitcoin has the potential to move in the range of 87,000 US$91,500 (Rp1.45 - Rp1.53 billion). Meanwhile, Ethereum is projected to be in the range of 2,8003,200 US dollars (Rp46.6 - Rp53 million).