Bitcoin ETF

Grayscale Bitcoin Trust

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 Bitcoin’s downward price trend may not be over, as various indicators and metrics suggest that a price correction may not occur until a new price surge is in view. 
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Despite the recent successes of Bitcoin ETF issuers in acquiring operational <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/">approval from the US SEC</a>, Bitcoin continues to decline, and its reversal could take longer than expected. Since Monday, January 15, 2024, the price of the world’s largest cryptocurrency has fluctuated between $43,565 and $42,064 and in the previous week, it dropped to as low as <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/bitcoin-shows-signs-of-recovery-following-weekend-decline-post-etf-approval/">8.39%</a>. 
An analysis of the technical indicators used to determine the projected direction of a pair, such as $BTC/USD, reveals a neutral stance towards the coin’s movement. Indicators like the Relative Strength Index read 47, Stochastic 17, and the commodity channel index -17; thus, it is hard to determine whether Bitcoin is heading for a bullish or bearish trend. Furthermore, <a href="https://www.marketwatch.com/investing/cryptocurrency/btcusd/charts">the moving average convergence/divergence (MACD) indicator is at 83</a>, and the momentum indicator is at -1365, pointing towards a strong bearish projection in the coming days. 
Among the speculations for Bitcoin’s slow decline are the <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/grayscales-gbtc-records-1-1-billion-exodus-following-discount-drop/">massive outflows that Grayscale’s Bitcoin Trust Fund (GBTC)</a> recorded in the last few days. Investors are <a href="https://www.bloomberg.com/news/articles/2024-01-16/traders-flee-grayscale-bitcoin-etf-gbtc-with-579-million-in-outflows">reportedly </a>exiting their positions on the fund and switching to the newly approved ETFs.&nbsp; 
Grayscale, which is the asset management firm with the largest Bitcoin holdings, also <a style="color: #0000ff;" href="https://www.sec.gov/Archives/edgar/data/1588489/000119312524003901/d144925ds3a.htm">launched</a> its spot Bitcoin ETF alongside eight other ETF issuers after the U.S. SEC approved their filings on January 10, 2024. Following the SEC’s approval, Grayscale <a style="color: #0000ff;" href="https://www.wsj.com/livecoverage/stock-market-today-cpi-report-inflation-01-11-2024/card/spot-bitcoin-etfs-trading-volume-cross-2-billion-0gfcyp1nkhFX8kGNWn2u">ranked</a> the most volumes on Thursday and Friday, which were $2.3 billion and $1.8 billion, respectively.&nbsp; 
However, CoinShares <a style="color: #0000ff;" href="https://blog.coinshares.com/volume-165-digital-asset-fund-flows-weekly-report-32a1e5e9e197">data</a> revealed that these volumes didn’t imply net inflow for the ETF provider, but it revealed that GBTC saw $579 million in outflow.&nbsp; 
Bloomberg’s Intelligence analyst, Eric Balchunas, via a <a href="https://x.com/ericbalchunas/status/1747591085189128329?s=46">recent post on X</a>, revealed that BlackRock (IBIT), Fidelity Investments (FBTC), and Bitwise (BITB) ETFs accumulated more than $1.5 billion in inflows within the first three trading days. In contrast, Grayscale Bitcoin Trust Shares (GBTC) saw nearly $1.2 billion in losses. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-medium" src="https://pbs.twimg.com/media/GECwTFXWAAA425I?format=png&amp;name=900x900" width="783" height="359">
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 Bloomberg’s report of the top ETFs. Source: <a href="https://x.com/ericbalchunas/status/1747591085189128329?s=46">Eric Balchunas’s Post on X.</a>
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The post <a rel="nofollow" href="https://defi-planet.com/2024/01/bitcoins-price-downtrend-persists-despite-recent-win-for-etf-providers/">Bitcoin’s Price Downtrend Persists Despite Recent Win for ETF Providers</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin’s Price Downtrend Persists Despite Recent Win for ETF Providers

DeFi Planet

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