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Bitcoin trades near $105K amid low volatility; analysts offer mixed outlooks
- Bitcoin (BTC) is trading around $104.5K, down 2% weekly, amidst market uncertainty and tensions in the Middle East.
- Analysts offer mixed outlooks on Bitcoin's current stability and underlying market conditions.
- CryptoQuant warns that Bitcoin could drop to $92K or even $81K if demand continues to decline.
- Glassnode views the current quiet blockchain with low on-chain activity as a sign of network maturation driven by institutional large-value transfers.
- Market participants see a shift with institutions playing a larger role while retail participation decreases.
- CryptoQuant reports a decrease in spot demand, ETF inflows, whale accumulation, and a significant drop in short-term holders.
- CryptoQuant's demand momentum indicator hits a record low of negative 2 million BTC.
- Glassnode acknowledges the quiet blockchain but interprets it as a sign of the network's evolution towards institutional and whale transactions.
- Glassnode notes the dominance of the derivatives market over on-chain activity, indicating a more mature market structure.
- Presto Research highlights Crypto Treasury Companies as a new financial engineering development in the market.
- Strategy and Metaplanet are exemplified as CTCs utilizing financial instruments to accumulate crypto with reduced risk exposure.
- Presto emphasizes the importance for CTCs to manage financial mechanics effectively to sustain NAV premiums and mitigate risks.
- CTCs face challenges in maintaining discipline amidst crypto exposure to avoid potential pitfalls in their strategies.
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