Bitcoin Reclaims the $70,000 Level as Institutions Buy the Dip [Crypto Briefing]

[Financial News] Bitcoin climbed back to around $70,000 on the 9th. Institutional investors, who had recently been selling, now appear to be buying the dip.
According to global crypto data platform CoinMarketCap, Bitcoin was trading around $70,000 as of 10 a.m. that day, up 1.99% over the previous 24 hours. Over the past week, however, Bitcoin has fallen 9.21%.
In the Korean won market, Bitcoin is trading at around 104.5 million won. Based on global crypto market comparison platform Cryprice, the Korea premium stands at 1.45%.
Bitcoin had been on a downward trend recently and dropped to the $60,000 range on the 6th. After that, dip-buying flowed in, pushing the price up to around $71,000 at one point, and it is now holding near $70,000.
This move is being interpreted as an inflow of institutional funds. CoinMarketCap data shows that institutions recorded net selling in Bitcoin Spot Exchange-Traded Funds (Bitcoin Spot ETF) for three consecutive trading days from the 3rd to the 5th, unloading a total of $1.24993 billion (about 1.8294 trillion won). On the 6th, however, they turned net buyers, purchasing $330.7 million (about 485 billion won).
Investor sentiment, however, has not recovered. The Crypto Fear and Greed Index provided by CoinMarketCap stood at 9 that day, signaling "extreme fear." The index ranges from 0 to 100, with values near 0 indicating extreme fear and values near 100 interpreted as extreme greed.
At the same time, Ethereum was trading around $2,083, up 0.04% from the previous day. XRP was at about $1.43, a gain of 0.95%.


yimsh0214@fnnews.com Im Sang-hyuk Reporter