Bitcoin Slips Below $84,000 Amid Profit-Taking

Bitcoin's recent price surge was short-lived as it slipped below $84,000 despite inflows from spot exchange-traded funds (ETFs). According to Glassnode, the rally was driven primarily by buying demand through spot ETFs, but existing holders and perpetual futures traders quickly moved to sell, offsetting the upward momentum.

As of 9:45 a.m. on the 29th, Bitcoin traded at $83,472 on Binance's USDT market, down 1.66% from the previous day. This price drop also affected major altcoins, with Ethereum falling 0.1%, XRP dropping 2.1%, and Solana plummeting 3.58%.

The kimchi premium, which measures the price gap between South Korean exchanges and global exchanges, remained in reverse territory at -0.02%. This means that most major altcoins traded at a discount to their global prices on South Korean exchanges.