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Bitcoin

Grayscale Bitcoin Trust

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-approaches-42000-amidst-a-challenging-week-for-bulls/" data-wpel-link="internal">Bitcoin Approaches $42,000 Amidst a Challenging Week for Bulls</a> 
<a href="https://en.coin-turk.com/grayscale-bitcoin-spot-etf-decision-expected-this-week/" data-wpel-link="internal">Bitcoin</a> approached the $42,000 level at the weekly close on the night of January 22, as bulls faced a challenging week with time running out. Data from TradingView showed that Bitcoin’s price action stabilized over the weekend above the $41,000 mark. Bitcoin had previously fallen to $40,270 on central exchanges, marking the lowest levels seen since December 11. 
<h2 class="p1" style="text-align: justify" id="analysts-comment-on-bitcoin-s-price">Analysts Comment on Bitcoin’s Price</h2> 
Although there hasn’t been a significant drop, Bitcoin is not yet giving hope to those seeking new highs, as market participants look towards the weekly close and the return of Wall Street trading. Popular trader and analyst Rekt Capital shared his thoughts on the matter: 
<blockquote> 
 “Bitcoin really fell into the weekly low range after turning the new resistance black. A weekly close below the low range could be bearish and start a selling process.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-305462" src="https://coin-turk.com/wp-content/uploads/2024/01/rekt-tweet-1.png" alt="" width="500" height="579"> 
Another trader, Crypto Tony, wrote about the possibility of a journey below the $40,000 level between the current period and the halving event in April. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-305461" src="https://coin-turk.com/wp-content/uploads/2024/01/crypto-tony-1.png" alt="" width="500" height="519"> 
Meanwhile, Joe McCann, the founder of crypto fund Asymmetric, drew attention to how little trading volume Bitcoin is currently seeing. The analyst shared the following remarks along with data from the futures exchange Deribit to his subscribers: 
<blockquote> 
 “Volume has definitely disappeared in Bitcoin pairs since the ETF launch. The difference between partial and realized volume is the widest it has been in a long time.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-305460 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/btc-1h-veri-scaled.jpg" alt="" width="2560" height="1229"> 
<h2 class="p1" style="text-align: justify" id="gbtc-sales-and-etf-process">GBTC Sales and ETF Process</h2> 
Spot Bitcoin exchange-traded funds (ETFs) in the United States continue to be a special point of interest. Since the launches on January 11, the value of assets under management has increased to approximately $4 billion, helping to mitigate the impact of sales from the Grayscale Bitcoin Trust (GBTC). 
Grayscale Bitcoin Trust saw outflows as a result of both high transaction fees and the current investors’ desire to cash out against spot Bitcoin. Previously, GBTC shares traded with an arbitrage of up to 48% against the BTC/USD pair. Trading firm QCP Capital wrote in its latest market update on January 17 that GBTC has seen outflows of $1.17 billion since its conversion from a Trust to an ETF: 
<blockquote> 
 “It’s not surprising that GBTC has been trading at a discount since 2020. This ETF conversion was a long-awaited opportunity for GBTC holders to exit at face value. The real question is how much more of GBTC’s current $25.4 billion AUM will exit.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-approaches-42000-amidst-a-challenging-week-for-bulls/" data-wpel-link="internal">Bitcoin Approaches $42,000 Amidst a Challenging Week for Bulls</a></h5>

Bitcoin Approaches $42,000 Amidst a Challenging Week for Bulls

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