Bitcoin

Grayscale Bitcoin Trust

Bitcoin, the <a href="https://news.todayq.com/ethereum-etf-buzz-spikes-amid-bitcoin-correction-data-reveals/" rel="noopener noreferrer nofollow">original crypto</a>, is hovering around the $40,000k price level in a make or break situation. BTC showed resilience after taking a dip to the $38.5k mark yet the market looked confused and waiting for some clear signals. The global market cap dropped marginally on Thursday to stand at $1.56 trillion. Bitcoin price on the edge 
The traders are now waiting for the market adjustment following the release of US Gross domestic product (GDP) data. It is expected that there can be a 2% seasonally adjusted annualized pace for Q4 2023. However, the possibility of early Fed rate cuts amidst the ongoing inflationary crisis can be on the cards.
According to the data, Fed funds futures indicate a 50% chance of a Fed rate cut in March. It is a drop from a huge 80% chance a month ago.&nbsp;
The market is set to make a big movement in the days ahead. It is important to check the expiration of Bitcoin and Ether options on Deribit. Data depicts that BTC and Ether options expire with $3.75 billion and $2.07 billion at stake, respectively. This accounts for over 85% of global activity.&nbsp;
Reports suggest that traders have been rolling positions from January to February expiry contracts. The focus is on the max pain point $41,000 for Bitcoin and $2,300 for Ether. BTC dealing with ETFs 
As we dig in, the crypto market continues to grapple with liquidity challenges despite the success of the <a href="https://news.todayq.com/gbtc-bleeds-bitcoin-moves-100k-btc-to-exchange/" target="_blank" rel="noopener noreferrer nofollow">first crypto ETFs.</a> Since the January 11 debut, the ETFs have logged billions in trading volume but traders note that liquidity hasn’t improved much. Market volatility remains a big concern with Bitcoin as its price had fluctuated by 12% post ETF launch.
Bitcoin price is now down by 8% in the last 30 days. BTC is trading at an average price of $39,906, at the press time. Its 24 hour trading volume is down by 26% to stand at $19.3 billion.
Liquidity issues stem from the fallout of market disruptions in 2022, including the closure of the FTX exchange and Alameda Research.
While the ETFs have generated over $20 billion in trading volume, most of the activity occurs through large over-the-counter desks. This had provided limited support to overall liquidity or market depth. Additionally, the conversion of the Grayscale Bitcoin Trust to an ETF has led to around $4 billion in redemptions which has directly hurt the market.
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Bitcoin’s Make or Break moment, US GDP Data, Fed rate to decide?

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