Bitcoin ETF

Bitcoin

BlackRock

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Grayscale decreased its Bitcoin ETF holdings, while BlackRock continued to accumulate.</li> 
 <li>Bitcoin’s price action remained bullish, despite potential changes in market trends.</li> 
</ul>  
<p>Grayscale, a leading Bitcoin ETF holder, has recently reduced its holdings. This move contrasts with BlackRock’s actions, which is continuing to accumulate Bitcoin.</p> 
<h2 id="changes-in-bitcoin-etf-holdings">Changes in Bitcoin ETF Holdings</h2> 
<p>A tweet from Lookonchain on July 19th revealed that Grayscale decreased its holdings by 845 BTC, equivalent to over $55.5 billion. At the time, Grayscale held 272,160 BTC.</p> 
<p>Conversely, BlackRock added 1,616 BTC to its holdings, worth more than $106 million. This brought its total Bitcoin holdings to 325,449 BTC, valued at $21.4 billion.</p> 
<p>According to an analysis of data from Dune Analytics, over $16 billion worth of BTC has flowed into ETFs since their launch. Over the past week, ETFs added another $0.32 billion to Bitcoin holdings, representing 4.5% of Bitcoin’s total supply.</p> 
<h2 id="bitcoin-s-market-response">Bitcoin’s Market Response</h2> 
<p>Despite these changes, Bitcoin’s market remained dominated by bulls. As per CoinMarketCap, Bitcoin’s price increased by more than 7% over the past week, reaching a trading price of $67,283.62 and a market capitalization of over $1.32 trillion.</p> 
<p>However, analysis of data from CryptoQuant suggests that the developments in the Bitcoin ETF sector may impact Bitcoin’s price. The high net deposit on exchanges compared to the average of the last seven days indicates that selling pressure is increasing.</p> 
<p>Moreover, Bitcoin’s Relative Strength Index (RSI) registered a slight downtick, and its price touched the upper limit of the Bollinger Bands, often resulting in price corrections. However, the MACD still indicates a bullish advantage in the market.</p>

How Grayscale’s Bitcoin ETF Shake-Up Alters the Price Landscape of BTC

Съдържание

CoinEagle.com

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