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Bitcoin price today: steady at $102.5K
Bitcoin edged lower on Thursday, struggling to gain ground amid moderate capital inflows from institutional investors, while the end of the prolonged U.S. government shutdown helped boost some risk appetite.
The world’s largest cryptocurrency fell 0.6% to $102,775.6 by 08:52 Moscow time, lagging behind the modest recovery in altcoin prices.
Bitcoin ETF flows remain fully negative, institutions remain cautious
U.S. spot Bitcoin exchange-traded funds recorded nearly $278 million in outflows on Wednesday and $1.2 billion in the first week of November, according to SoSoValue data.
While ETFs saw $247 million in inflows over the past seven days, this was only a small portion of the significant outflows seen in late October and early November.
The outflows followed a $500 billion crypto asset write-off in early October that shook institutional confidence in cryptocurrencies, with corporate treasurers and ETF operators largely stepping back from the market since then.
This has deprived the cryptocurrency of the capital needed to drive its price higher.
The sluggish price action has also left retail traders largely disenchanted with crypto, which is typically attractive to speculative investors for its wild price swings.
Bitcoin has struggled to break above $110,000 since early October and has traded below $105,000 for most of November. The cryptocurrency also briefly dipped below $100,000 earlier this month.
Crypto prices today: altcoins rise amid U.S. government reopening
Broader cryptocurrency prices performed better than Bitcoin on Thursday, as risk appetite got some support from U.S. lawmakers agreeing to end the country’s longest-ever government shutdown.
The world’s second-largest cryptocurrency, Ether, rose 2.6% to $3,530.65, while XRP jumped 4.8%.
BNB and Cardano each gained about 0.9%, while Solana remained flat. Among meme tokens, Dogecoin rose 2%, while $TRUMP moved sideways.
Risk appetite was slightly boosted after U.S. President Donald Trump signed a funding bill to keep the government running at least until January 30. This followed a late Wednesday vote of approval by the House of Representatives.
However, the government reopening also paves the way for the release of more official economic data, which could paint a bleak picture of the world’s largest economy, particularly after the shutdown. Trump stated the shutdown had cost the economy $1.5 trillion.
See also: "Analysts Expect a “Santa Rally” Amid New Trump Stimulus and Fed Policy Shifts"
