The post Bitcoin, Ethereum, and Dogecoin plummet after Christmas – Is this the new trend? appeared on BitcoinEthereumNews.com.

Bitcoin and Ethereum netflows pictured similar patterns around Christmas Open Interest trends revealed wary sentiment among traders Bitcoin [BTC] tends to see a Santa Claus rally in the week leading up to Christmas, before relinquishing those gains the following week. This has been the trend in recent years, starting in 2021. The year before that did not conform to this pattern. This means that alongside Bitcoin, other major altcoins such as Ethereum [ETH] and Dogecoin [DOGE] have tended to see their prices slashed in the week following Christmas. Will this trend continue in 2024? Major assets’ exchange flows and the price correlation Source: Santiment AMBCrypto examined the flow of BTC and ETH to and from exchanges around Christmas time. A 7-day moving average was used to smooth out the readings. In 2023, BTC saw the 7-day MA reach 1,481 BTC inflow on 22 December, and the 7-day ETH inflow was 32,805. A few days later, they went the opposite way. The moving averages for exchange netflows for BTC and ETH reached -5,915 and -9,626 for BTC and ETH, respectively, on 26 and 27 December – A sign of accumulation. Meanwhile, the price trends for the tokens were sideways for BTC and a 10% hike for ETH, leading into the final week of the year. Together, the metrics revealed that participants preferred to send tokens to exchanges to book some profits, and accumulated more the following week. 2024 brought a Santa Claus rally to crypto, taking BTC to $99.6k, ETH to $3,560, and DOGE to $0.342 – Gaining by 6%-9% in three days leading up to Christmas. At press time, exchange netflows were trending higher, showing that selling pressure was likely imminent. Meanwhile, the prices of BTC and ETH have already fallen 5% and 6% respectively. Dogecoin shed closer to 9%.…

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Filed under: News - @ December 27, 2024 7:21 pm