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> 
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<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>  
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<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> 
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<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

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