Cryptocurrency

Bitcoin

when

Spot

Cryptoquant founder and analyst Ki Young Ju suggested that demand for Bitcoin ETFs may increase even as the Bitcoin (BTC) price continues to fall. In a post, Ju used historical net flow trends to support his prediction.
According to Ju, demand for Bitcoin ETFs generally increases when the BTC price reaches certain support levels. However, the analyst noted that net flows of Bitcoin spot ETFs are currently slowing.
“Demand may recover if BTC price approaches critical support levels,” Ju said. He also announced that the on-chain cost basis for new whales, primarily ETF buyers, is $56,000.
Related News: <a href="https://en.bitcoinsistemi.com/cryptocurrency-exchange-manager-speaks-on-the-possibility-of-bitcoin-spot-etfs-in-the-uk/" target="_blank" rel="noopener noreferrer nofollow">Cryptocurrency Exchange Manager Speaks on the Possibility of Bitcoin Spot ETFs in the UK</a>
In bull markets, corrections usually involve a maximum drawdown of around 30%, and in this case the maximum loss point is at $51,000. Ju noted that new whales purchased Bitcoin mostly through spot ETFs at an average price of $56,400. In comparison, the average purchase price of ancient whales is $21,300 thousand.
At the time of writing, BTC price is trading at $65.0300 and has gained 2.37% in the last 24 hours.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/cryptocurrency-analysis-company-founder-reveals-the-cost-level-of-new-whales-in-bitcoin-and-the-most-probable-maximum-price-to-drop/" rel="noopener noreferrer nofollow">Cryptocurrency Analysis Company Founder Reveals the Cost Level of New Whales in Bitcoin and the Most Probable Maximum Price to Drop</a>

Cryptocurrency Analysis Company Founder Reveals the Cost Level of New Whales in Bitcoin and the Most Probable Maximum Price to Drop

Bitcoin Sistemi EN

Other articles published on Mar 23, 2024

Floki TokenFi Partners with World Table Tennis Championship in South Korea

Ethereum Name Service Integrated in Google’s Search Engine

Advancing Autonomous Racing: A Frontier in AI Innovation

Furrever is now: FURR token presale secures $438k

Solana and Jupiter Gain Momentum; The Crypto Community Eyes Borroe Finance

Top Trending Cryptos on Solana Chain Today – CRONK, PIP, Just The Tip

Join our free newsletter for daily crypto updates!