Bitcoin

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Fidelity Executive Director Jurrien Timmer has <a href="https://twitter.com/TimmerFidelity/status/1749515728355779001" rel="noopener noreferrer nofollow">predicted</a> that Bitcoin would continue to see continued price churn.
Timmer, known for his astute analysis, opined that some positions in Bitcoin futures and Bitcoin-sensitive equities have started to unwind.&nbsp;
<h2 id="caution-optimism">Caution optimism&nbsp;</h2>
Timmer's recent Bitcoin analysis is filled with cautious optimism. The SEC's nod to <a href="https://u.today/bitcoin-etfs-see-10-billion-traded-in-just-three-days-ripple-and-hedera-leaders-meet-for" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> is a big deal, no doubt – a leap toward Bitcoin’s “adulthood” in the investment world. But with big steps comes big volatility.&nbsp;
Bitcoin’s value path, now intertwined with the fate of these ETFs, has become a tightrope walk between immediate reactions and long-term potential.&nbsp;
Hence, Timmer expects more price churn now that the spot ETF launch ended up being a sell-the-news event. &nbsp;
As Timmer suggests, the recent dip in the Goldman Sachs Bitcoin-sensitive equities index is more of a market recalibration than a red flag.
<h2 id="bitcoin-s-terrible-crash">Bitcoin's terrible crash&nbsp;</h2>
The aftermath of the ETF launch? Bitcoin's value taking a 20% nosedive from its recent high. This drop has the crypto community split.&nbsp;
Blockstream CEO <a href="https://u.today/adam-back-schools-cardano-founder-on-bitcoin" rel="noopener noreferrer nofollow">Adam Back</a>, a well-known crypto figure, remains bullish, seeing the ETFs as a massive wall of buying power supporting Bitcoin prices.&nbsp;
He's calling out the "weak hands" on the market, arguing that they are not buying enough to counter the dip.&nbsp;
<blockquote>
 don't blame the ETFs, 9 new ETFs are BTFD, huge price supportL $4.4bil in 8 days, $550m/day. that's like 30x effect of the halving. literal wall of buying. if anything it's bitcoin weak hands under-buying. those ETF buyers are low velocity, fairly "cold", like whale buy and hodl.— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1749755779861606681?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a>
</blockquote>
On the flip side, Jim Cramer's take is more bearish. He has <a href="https://twitter.com/jimcramer/status/1749715711444795428" rel="noopener noreferrer nofollow">predicted</a> that Bitcoin's downward trend might persist, citing a lack of sufficient capital inflows to prop up the market.

Fidelity Exec Timmer Foresees Continued Bitcoin Churn

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