Bitcoin

Grayscale Bitcoin Trust

Spot

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-unexpected-downturn-despite-etf-approvals" rel="noopener noreferrer nofollow">Bitcoin Faces Unexpected Downturn Despite ETF Approvals</a> 
Contrary to expectations of a rise following the SEC’s approval of Spot <a href="https://en.bitcoinhaber.net/sec-postpones-decision-on-anticipated-spot-bitcoin-etf-application" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs, Bitcoin’s price plummeted by over 15%, dropping from $49,000 to $40,297, accompanied by a significant decrease in trading volumes. Reports suggest that Grayscale Bitcoin Trust (GBTC) sold a large number of Bitcoin assets, but CryptoQuant analysts believe the situation may not be as it seems.
Julio Moreno of CryptoQuant disputes claims that the price correction is due to GBTC-related sales. He points out that combined net purchases from BlackRock, Fidelity, Bitwise, and other approved institutions amount to approximately 72,000 BTC, indicating an actual increase in market inflow.
The main reasons for Bitcoin’s decline include market sentiment and news-driven selling activities. Short-term traders and large Bitcoin holders continue to sell, reflecting a risk-averse attitude. CryptoQuant suggests that unrealized profit margins have not dropped sufficiently to exhaust sellers.
CredibleCrypto’s analysis highlights a net positive flow of over 5,000 Bitcoins since the ETF-related BTC influx, predicting a significant impact, potentially ten times that of the halving event.
CryptoQuant CEO Ki Young Ju warns that the recent 15% correction may continue and deepen, as Bitcoin has not been fully distributed to individual users yet. Despite this, he maintains a positive long-term outlook, expecting the bull market cycle to persist until Bitcoin is fully disseminated to individual users.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-unexpected-downturn-despite-etf-approvals" rel="noopener noreferrer nofollow">Bitcoin Faces Unexpected Downturn Despite ETF Approvals</a></h5>

Bitcoin Faces Unexpected Downturn Despite ETF Approvals

BH NEWS

Other articles published on Jan 20, 2024

SEC Greenlights 11 Spot Bitcoin ETFs: Impact on BTC’s Price

OKX Implements New Funding Fee Collection Method in Global Expansion Effort

Bitcoin Recovers Swiftly Amid Strong Selling Pressure

Bitcoin’s Swift Recovery Amidst Market Turbulence and Whale Activity Surge

ZEEBU Tackles Telecom Industry’s Settlement Challenges with Blockchain

Ripple President’s vague XRP adoption remarks stir concern

Join our free newsletter for daily crypto updates!