Bitcoin, the premier digital currency, has dropped from its recent high of $99,531 on November 23rd to the $92k to $93k range, leading many to believe that its remarkable price surge may have come to an end. Nevertheless, CryptoQuant CEO Ki Young Ju remains unconcerned about the current fluctuations in the coin’s price.
In a post on Twitter/X, Ki Young indicated that retail investors in Bitcoin have not entered “FOMO” (fear of missing out) territory. He suggests that the level of retail activity does not reflect signs of undue excitement or anxiety.
He further elaborated that trading activity in spots, futures, and exchanges remains robust.
Are Retail Investors Experiencing ‘FOMO’ For Meme Coins?
#Bitcoin retail investors aren’t in FOMO yet. pic.twitter.com/DiGcChyNWt
— Ki Young Ju (@ki_young_ju) November 26, 2024
In the last major Bitcoin rally, retail FOMO peaked in January 2021 when the cryptocurrency exceeded $30,000, resulting in a record high of $69,000.
Despite several attempts to break the $100k barrier last week, analysts believe that retail investors are still not heavily investing at this moment.
Price Declines Linked To Macro Conditions
According to QCP Capital, the recent declines in Bitcoin’s price can be attributed to the prevailing macroeconomic factors. Numerous elements currently hinder Bitcoin’s momentum toward reaching the $100k milestone.
QCP Capital noted that Bitcoin faces pressure due to the anticipated release of crucial economic indicators, such as the FOMC minutes and the PCE report. Additionally, following a dramatic price movement post-US elections, Bitcoin had entered an overbought situation.
Should There Be Concern?
Despite these price movements, QCP Capital suggests that there is no immediate cause for alarm, as sentiment towards digital assets remains optimistic.
On-chain data has shown that millions of dollars were liquidated in the past 24 hours, with approximately $438 million recorded in ETF outflows on November 25th.
2/ No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.
— QCP (@QCPgroup) November 26, 2024
For Ki Young, market activity remains vibrant. He cites indicators showing that trading is thriving across various exchanges and platforms. According to CryptoQuant’s findings, retail investors are currently feeling “FOMO” in the context of meme coins, particularly with Dogecoin.
Image Source: Dmitrii D / Shutterstock
