The post The Next Big Crypto Trade and Why Long Holders Sell Bitcoin appeared on BitcoinEthereumNews.com.

Bitcoin continues to face resistance at the psychologically important $100,000 threshold, and there has been a shift in investor focus from BTC to altcoins. Notably, tokens that rallied in the 2021 bull run and metaverse tokens like Decentraland and Sandbox have witnessed a resurgence in trade volume across centralized exchanges like Upbit.  Ethereum (ETH) has observed a spike in open interest driven by a heightened demand among derivatives traders. The rise is supported by metrics that reveal a growing bullish sentiment among market participants. An Ethereum price rally is likely in the short term as institutional interest broadens and traders diversify their portfolios to include tokens with potential for gains in this market cycle.  Bitcoin struggles under $100,000, altcoins offer an opportunity for trade Bitcoin missed the $100,000 target by less than $500 on Friday, November 20. Since its first attempt at hitting the threshold, Bitcoin has slipped nearly 5% lower, to $95,719 on Thursday, November 28. Institutional investors have pulled capital from Bitcoin ETFs this week; data from Farside Investors shows $435.30 million in outflows on Monday and $122.80 million on Tuesday.  As Bitcoin consolidates and altcoins from previous bull markets rally, institutional investors shift their focus to Ethereum and other alternatives that could yield higher returns in the coming weeks.  Bitcoin ETF Flows | Source: Farside Investors Altcoins like Cardano (ADA), Ripple (XRP), Stellar (XLM), and metaverse tokens like Decentraland (MANA) and Sandbox (SAND) have witnessed a spike in trade volume this week across centralized exchanges. South Korean cryptocurrency exchange Upbit recorded several consecutive days of increase in trade volume across the fiat pairs of metaverse tokens and altcoins from the 2021 bull run.  Data from 10xResearch recorded the spike and identified the altcoins in the chart below. Tokens with spike in trade volume and rising trade volume…

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Filed under: News - @ November 28, 2024 10:24 pm