Bitcoin trades surpassing Ethereum's market cap occur…"Beware potential volatility"

Recently, the leading crypto asset Bitcoin (BTC) staged a rebound, but opinions have been raised that a large amount of Bitcoin remains exposed to volatility.

On the 11th (Korean time), according to crypto specialist CoinDesk, Markus Thielen, founder of 10x Research, said in a report, "Bitcoin has been range-bound near $100,000 since last June," and "about 5.9 million Bitcoin ($588 billion) were traded during that period." This exceeds Ethereum (ETH)'s market capitalization of $428 billion.

Thielen said, "A significant amount of Bitcoin in these large on-chain movements flowed to risk-sensitive investors or institutions," and "if the price falls further, they may start selling." He added, "So many bitcoins are effectively under risk pressure."

Thielen particularly saw the $101,000 level as a potential watershed. He said, "About 347,000 Bitcoin (about $36.4 billion) were traded around $101,000," and emphasized, "If Bitcoin falls below $100,000, investors who bought in this zone may step in to buy. If selling intensifies, a liquidity gap could cause a sharp drop to $93,000."

Thielen also pointed to $90,000, the average purchase price of spot Bitcoin ETFs, as an important price level.

As of 3:51 p.m. that day, Bitcoin was trading at $104,958, down 1.21% from the previous day according to CoinMarketCap.