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Bitcoin’s graph is accentuating the positive streak as it successfully claimed back its position at the $43,000 mark on Tuesday. This welcome retracement follows a major decrease in selling pressure from the asset management giant, Grayscale. The Bitcoin ETFs marked a reversal on the twelfth day of trading where inflows surpassed the outflows. Two renowned entities, Fidelity and Blackrock together, reported a $400 million injection into their Bitcoin ETFs, namely, FBTC and IBIT.
James Mullarney, a market pundit, delineate that Grayscale Bitcoin Trust (GBTC) has observed a sizeable drop in selling pressure which is mirrored in the slowing down of GBTC sales. The twelfth day brought in an extraordinary inflow juxtaposed with the outflow, marking it as the third-greatest money day in terms of net money flow, which was estimated at $256 million. Alongside the introduction of new Bitcoin ETFs, this led to an appointment positive revenue of over $1 billion in ETFs and about 25,000 Bitcoin added to the market. Currently, the newly launched Bitcoin ETFs hold a commendable total of approximately 150,000 BTC.
However, the scenario is not entirely rosy on all fronts. In spite of these encouraging developments, there has been a surge in selling pressure from miners. The latest report by CryptoQuant reveals that miners have sold the most coins since May 2023, thereby increasing selling pressure. Yet, experts from CryptoQuant underscored that the market has peacefully absorbed the selling pressure and asserted that the actions from miners do not necessarily indicate a “dump.”
Considerable anticipation surrounds the trajectory of Bitcoin’s price, with noted crypto analyst, CryptoCon, cautioning against the belief that this time is different for Bitcoin due to its recurring market cycles. Historical patterns and phenomena, such as the launch of Bitcoin ETFs, have consistently impacted Bitcoin’s price, and just like earlier times, this event too can lead to a local peak rather than an all-time high. Based on these analyses and in spite of the recent correction, a period of sideways movement could commence soon, potentially culminating in a new price peak around mid-2024 and possibly new all-time highs around late November 2024.
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