Bitcoin

Read

Grayscale Bitcoin Trust

Singapore-based crypto asset management firm Matrixport says Q1 will be a challenging quarter for Bitcoin, although anticipates a positive outlook by the end of 2024. 
As Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) fell back to the $39,000 area, the largest cryptocurrency by market capitalization is likely to face a challenging quarter ahead, according to a recent <a href="https://x.com/WuBlockchain/status/1750730135865872562?s=20" target="_blank" rel="noreferrer noopener">report</a> from Matrixport. 
Matrixport highlighted that institutional interest in a spot Bitcoin exchange-traded fund (<a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">ETF</a>) was not as robust as initially anticipated. Additionally, investors in <a href="https://crypto.news/tag/grayscale/" target="_blank" rel="noreferrer noopener">Grayscale</a>‘s Bitcoin Trust are seemingly capitalizing on the price gains of GBTC, contributing to the challenges faced by Bitcoin. 
 You might also like: <a href="https://crypto.news/analyst-grayscale-bitcoin-trust-sellout-has-clear-reasons/"> Analyst: Grayscale Bitcoin Trust sellout has clear reasons </a> 
Analysts at Coinbase Research, however, continue to believe that the ETFs could “set the foundation for new derivatives markets in the traditional financial world, although it’s still as of yet unclear whether these will be subject to regulatory approval.” 
<blockquote class="wp-block-quote"> 
 “Although the first week of bitcoin price action appears to have been a ‘buy the rumor, sell the news’ event, the early numbers of the spot ETF show that this has unlocked a new vector of demand.” 
 Coinbase Research 
</blockquote> 
As previously <a href="https://crypto.news/blackrock-and-fidelity-lead-billion-dollar-spot-bitcoin-etf-race/" target="_blank" rel="noreferrer noopener">reported</a> by crypto.news, BlackRock and Fidelity experienced significant inflows of $1.9 billion and $1.6 billion, respectively, into their spot Bitcoin ETFs. Both companies are among the dominant issuers approved by the U.S. Securities and Exchange Commission (SEC) to list products, as part of a basket of 10 asset managers. 
Despite Bitcoin’s dip below the $40,000 mark, the report suggests that <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a>‘s price will rebound from this support level, emphasizing its robustness as a cryptocurrency with myriad institutional investors now using it as a bona fide asset class. 
 Read more: <a href="https://crypto.news/grayscale-ceo-most-spot-bitcoin-etfs-will-not-survive/"> Grayscale CEO: Most spot Bitcoin ETFs will not survive </a>

Matrixport predicts challenging Q1 for Bitcoin as GBTC investors keep capitalizing

crypto.news

2024년 1월 26일에 게재된 다른 기사

What is Ellipsis Coin?

Which Cryptocurrency Could Turn $100 Into $1000?

Here’s Why the Dogecoin (DOGE) Price Risks a 30% Drop

A First Since the Launch of Bitcoin ETFs

Bulgarian Ministry of Education Initiates Pilot Project with Google for Over 200 Schools

Canaan secures $50m in series A preferred shares sale

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!