Bitcoin

Grayscale Bitcoin Trust

Spot

The <a href="https://news.todayq.com/ethereum-etf-buzz-spikes-amid-bitcoin-correction-data-reveals/" target="_blank" rel="noopener noreferrer nofollow">buzz</a> around the Exchange-Traded Fund (ETF) seems to be fading away with directly impacting the crypto market’s upward momentum. Bitcoin (BTC) is already down by almost 6% in the last 7 days and is roaming around the $40K price level looking for a stable position. GBTC can get back on the upward rally? 
Market participants are closely observing the momentum in <a href="https://news.todayq.com/grayscale-bitcoin-trust-gbtc-bleeds-as-btc-price-hits-38k/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust</a> (GBTC) outflows and ETF inflows. This comes in with a notable reduction in GBTC outflows. GBTC (NYSEARCA: GBTC) is trading at an average price of $35.61, at the press time. Its price has dropped by over 2% in the last 5 days, data depicts.
In the latest market update, Blackrock’s iShares ETFs showed resilience on Day 9 by securing a modest $66 million. It is retaining its pole position with a total flow of $1,916 million. Fidelity surged ahead with an impressive performance by boasting $126 million.&nbsp;
However, the true battleground lies in Bitcoin terms where Blackrock is dominating with a holding of 45,594 BTC. Fidelity Investment Grade Bond ETF closely trails with 41,007 BTC. While ARK Innovation ETF is leading the pack in Bitcoin standings by 12,685 BTC. Bitwise, though trailing in the overall flow, maintains an edge with 12,354 BTC.&nbsp; Are traders confused? 
The market sentiment is influenced by factors such as ETF dynamics and on-chain metrics hinting at oversold conditions. The reduction in GBTC outflows, coupled with positive signs of institutional selling pressure easing among traders.
Traders are still attentive to the impact of MtGox and Celsius’s moves on price dynamics. Deribit suggests that the current market exhibits a state of price equilibrium. The participants closely looked at factors that could potentially drive the next significant price movement.
Bitcoin is still dealing with the high selling pressure despite a big approval. BTC price had dropped by around 16% since the approval of spot crypto ETFs in the US. BTC is trading at an average price of $39,982, at the press time.
The delay in the approval of an Ethereum (ETH) Spot ETF has reinforced the conviction of ETH Overwriters. This group remains committed to stacking yield. However, they are adopting a short-term range-bound approach while maintaining a medium-term bullish outlook. It added that ETH Options activity is notable for the actions of ETH Overwriters.
Ethereum is also dealing with the selling pressure. It has printed a 12% drop in the last 7 days. ETH is trading at an average price of $2,210, at the press time.
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GBTC outflows drop, BlackRock’s iShares leads amid Bitcoin dip

Todayq News

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