Hopes for the “Santa Rally” were dashed as prices for major coins remained flat throughout the Christmas week. Spot crypto ETFs recorded mixed performance, but open interest continued to decline across major cryptocurrencies.
Bitcoin
Bitcoin price fell from a weekly high of $99,859 to close at $93,449. However, the intermediate time frame analysis shows a range movement that failed to break out of the previous week’s high or low.
Meanwhile, the Bitcoin Spot ETF recorded net outflows for four consecutive days through December 24th. Inflows for the week ending December 27 were a net negative $89.7 million.
CME Bitcoin open interest continues to decline due to strong price correlation as traders close out positions for the year.
At the time of publication, BTC is trading at $93,970.06.
Ethereum
Ethereum price trends fluctuated throughout this week with lower volumes and open interest on official markets and major exchanges. Similar to Bitcoin, Ethereum’s price also failed to fall below last week’s low of $3,094.67 or fall below its range high of $3,550.80.
Spot ETH ETF flows are showing weekly positive net inflows of $349.3 million after recording four days of positive inflows. Meanwhile, open interest data is showing declining levels as traders close out trades towards the end of the year.
ETH is trading at $3,418.21 at the time of publication.
Solana
Solana price movement fluctuated between a locally formed high of $202.00 and last week’s low of $175.10. Prices were primarily driven by retail traders and tested the highs of the December 25th range, but were unable to break above them.
Open interest data shows a level of volatility, but overall lower compared to the previous week.
At the time of publication, SOL is trading at $193.07.
ripple
Ripple’s price movement was also wide-ranging, with weekly highs of $2.34 and lows of $2.11. However, within this range, prices tend to fall.
Open interest data shows sporadic levels driven primarily by the pockets of retail traders.
XRP is trading at $2.06 at the time of publication.
