BTC (Bitcoin) fell 1.75% in 24 hours

Gate News Bot news, on October 17, according to CoinMarketCap data, as of the time of writing, BTC (Bitcoin) is currently priced at $108,900, falling 1.75% in the last 24 hours, with a high of $122,500 and a low of $104,600, and the 24-hour volume reached $87.288 billion. The current market capitalization is approximately $2.17 trillion, a decrease of $38.588 billion compared to yesterday.

Bitcoin is an innovative payment network and a new type of currency. Bitcoin operates on a peer-to-peer technology, without the need for a central authority or bank; transaction management and the issuance of bitcoins are performed collectively by the network. Bitcoin is open source; its design is public, and no one owns or controls Bitcoin, allowing anyone to participate. Through its many unique properties, Bitcoin enables exciting uses that no previous payment system could cover.

Important news about BTC recently:

1️⃣ Institutional investors remain on the sidelines Recently, the cryptocurrency market has experienced a significant correction, but there has been almost no large-scale liquidation of Bitcoin ETFs. Between October 10 and 14, the cumulative net outflow of Bitcoin ETFs was only $220 million, accounting for 0.14% of total managed assets. At the same time, there has been no obvious liquidation in CME Bitcoin futures, indicating that institutional investors are maintaining a wait-and-see attitude towards the market.

2️⃣ Public company holdings hit a new high Currently, publicly listed companies hold approximately 1.04 million BTC, valued at about $117 billion, reaching an all-time high. The number of publicly listed companies holding Bitcoin increased by 40% from the previous quarter, reaching 172. This quarter added approximately 193,000 BTC, reflecting institutional optimism about Bitcoin in the long term.

3️⃣ Increased Selling Pressure from Miners Since October 9, Bitcoin miners have cumulatively deposited about 51,000 BTC into exchanges, indicating a shift in miner behavior from holding to selling or liquidation. This may create some selling pressure on the short-term market.

From a technical perspective, the BTC price is fluctuating in the range of $109,000 to $111,000, still facing downward pressure in the short term. However, the continued participation of institutional investors and increased holdings by listed companies may provide support for the medium to long-term market.

This message is not intended as investment advice; investors should be aware of market volatility risks.