The year started with a trend of crypto investors sending their tokens to exchanges around Christmas to book profits, followed by a trend of accumulation the following week. This pattern has been observed since 2021. 2023 saw Bitcoin (BTC) and Ethereum (ETH) inflows peaking on December 22nd, followed by outflows a few days later, indicating accumulation. The prices of tokens remained sideways for BTC and saw a 10% increase for ETH leading up to the end of the year.
In 2024, a Santa Claus rally brought significant gains to cryptocurrencies, including BTC reaching $99.6k, ETH reaching $3,560, and DOGE reaching $0.342. However, the current trend shows increasing exchange netflows, suggesting potential selling pressure. Prices have already fallen by 5%-9% for BTC, ETH, and DOGE respectively. Open Interest (OI) for Dogecoin, Ethereum, and Bitcoin has also been analyzed. In 2023, OI experienced a sharp drop around Christmas before recovering quickly in January. In 2024, a significant OI drop occurred on December 17th, likely due to the market-wide decline triggered by bearish news from the Federal Reserve. The current sideways trend in OI suggests market participants remain cautious
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