Millions

Bitcoin

Shiba Inu

Grayscale Bitcoin Trust

<p>The price of bitcoin (BTC) has been struggling since January 11 after the approval of a spot BTC exchange-traded fund (ETF) in the US. BTC has declined more than 18% from $49,000 to $39,900 at the time of writing. However, experts insist the price action remains decidedly bullish overall.</p> 
<p><strong>Large Inflows Support Bull Case </strong><br><strong>Ash Crypto</strong>, a popular <a href="https://twitter.com/Ashcryptoreal/status/1750394999764632028?t=7m2jSZoVzzphusul_xmIwA&amp;s=19" target="_blank" rel="nofollow">crypto analyst on X</a> highlighted large inflows into major bitcoin funds to support the bullish perspective.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="504" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-1024x504.png" alt="" class="wp-image-428216" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-1024x504.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-768x378.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-1536x756.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-2048x1008.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-305x150.png 305w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-711x350.png 711w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734-788x387.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-734.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<p>Since the approval of the spot BTC ETF, Grayscale has deposited a total of 79,213 BTC, equivalent to $3.27 billion, into Coinbase Prime. As of now, Grayscale’s holdings total 558.28k BTC, valued at $22.45 billion.</p>  
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0">
  <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p>The key? Getting in early, especially during the IDO phase. <strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank">Get in on NuggetRush</a></strong> now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the<strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank"> current ICO prices</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div> 
 </div>
</div> 
<p><strong>Most Selling Pressure Exhausted </strong><br>Furthermore, most of the recent selling pressure appears to have come from FTX, which finished selling about 2.5 million shares every day for 8 days. Even with the Grayscale Bitcoin Trust (GBTC) sell-off, there’s a net inflow of $1.1 billion, equal to 28,000 Bitcoins at current prices.</p> 
<p>Other major bitcoin funds also continue to grow quickly. For example, the Fidelity Bitcoin Fund (FBTC) is expanding faster than the bitcoin fund from BlackRock.</p> 
<p>So while the recent dip may have shaken out some weak hands, the data supports the bull case for bitcoin in 2024. Major institutional inflows continue unabated, suggesting the long-term adoption trend remains healthy.</p> 
<p>You may also be interested in:</p> 
<ul> 
 <li><a href="https://captainaltcoin.com/can-ripples-xrp-reach-1000/" target="_blank">Can Ripple’s XRP Reach $1,000?</a></li> 
 <li><a href="https://captainaltcoin.com/why-is-altlayer-alt-price-pumping/" target="_blank">Why is AltLayer (ALT) Price Pumping?</a></li> 
 <li><a href="https://captainaltcoin.com/rebel-satoshis-rising-popularity-challenges-top-meme-coins-dogecoin-and-shiba-inu/" target="_blank">Rebel Satoshi’s Rising Popularity Challenges Top Meme Coins Dogecoin and Shiba Inu</a></li> 
</ul> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-nofollow-sponsored-span-check-nuggetrush-nugx-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <span>Check NuggetRush ($NUGX)</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> Buy NUGX Today </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a href="https://captainaltcoin.com/why-bitcoin-bulls-remain-in-charge-of-btc-price-despite-ongoing-dips/">Why Bitcoin Bulls Remain in Charge of BTC Price Despite Ongoing Dips</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Bitcoin Bulls Remain in Charge of BTC Price Despite Ongoing Dips

Table of Contents

CaptainAltcoin

Other articles published on Jan 26, 2024

Myro Price Prediction – Will $MYRO Hit $1, or Should Investors Consider This New GameFi Presale w...

Four Large Cryptocurrency Whales Traded Large Amounts of Altcoins in the Last Hours: Here are the...

Two Altcoins Skyrocket in Price After Coinbase Adds Crypto Assets to Listing Pipeline

U.S. Antitrust Enforcers Investigate AI Startups’ Ties with Tech Giants

XRP’s Critical Position: Consolidation Above $0.50 Support

U.S. Plans to Dispose $117 Million Bitcoin Seized From Drug Dealer Farace

Join our free newsletter for daily crypto updates!