Bitcoin Slips Below $84,000 Despite ETF Inflows as Profit-Taking Erases Gains

Bitcoin rode last week's spot exchange-traded fund (ETF) inflows to an upward move, but was forced to surrender the $84,000 level amid profit-taking from existing holders.

As of 9:45 a.m. on the 29th, Bitcoin traded at $83,472 (approximately ₩112.98 million) on Binance's USDT market, down 1.66% from the previous day. At the same time, Bitcoin on Upbit's Korean won market recorded ₩113.357 million, down 0.17% from the prior session.

According to on-chain analytics firm Glassnode, last week's roughly 4% rally in Bitcoin was driven primarily by buying demand through spot ETFs. However, as prices climbed, perpetual futures traders and existing holders moved to sell, significantly offsetting the upward momentum.

Major altcoins also traded weaker in tandem. Ethereum was down 0.1% from the previous day at $2,684.48 (approximately ₩3.6 million) on Binance's USDT market. XRP fell 2.1% to $1.4939 (approximately ₩2,000), while Solana (SOL) dropped 3.58% to $118.36 (approximately ₩160,000).

The kimchi premium — the price gap between South Korean exchanges and global exchanges — also remained in reverse territory. As of midnight on the 29th, Bitcoin traded at ₩112.98 million on Upbit, down 1.29% from the previous day, while Binance showed a price of ₩113 million. The price gap was ₩20,000, reflecting a reverse kimchi premium of -0.02%.