Bitcoin

mirror

Spot

CryptoQuant founder and CEO Ki Young Ju takes center stage with insights amid Bitcoin price’s recent dip, which has left the global investors seeking for potential answers. Meanwhile, the crypto market has been highly volatile since the launch of <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a> this month, with Grayscale’s GBTC witnessing massive outflows. While many analysts have blamed the GBTC selloff behind the recent slump in Bitcoin price, Ki Young Ju suggested otherwise. 
<h2 id="cryptoquant-ceo-decodes-reasons-behind-bitcoin-price-slump">CryptoQuant CEO Decodes Reasons Behind Bitcoin Price Slump</h2> 
Amid the turbulent scenario in the crypto market, <a href="https://coingape.com/heres-why-bitcoin-btc-price-is-falling-after-spot-bitcoin-etfs-cryptoquant/" target="_blank" rel="noopener">CryptoQuant’s</a> Ki Young Ju advises investors to mirror institutional strategies, emphasizing that BTC falls not due to GBTC but derivative market selling. Active OTC markets, according to Ju, show no price impact, suggesting that re-accumulation occurs when on-chain OTC and spot ETF activities decrease – marking the start of a bullish trend. 
Simultaneously, crypto market expert Fred Krueger dismisses concerns about GBTC sales, highlighting the real key performance indicator (KPI) as the influx of BTC into the new nine ETFs. In his view, worrying about GBTC is akin to fretting over whales selling BTC, and long-term gains are projected for giants like BlackRock, Fidelity, and Bitwise. 
On the other hand, echoing positivity, <a href="https://coingape.com/samson-mow-sees-ethereum-as-stupid-man-bitcoin-xrp-a-tricky-one/" target="_blank" rel="noopener">Samson Mow</a> assures that Bitcoin’s demand from various sources including individuals, corporations, nation-states, and ETFs, will outpace any selling pressure. Advising rationality over emotional reactions, Mow urges stakeholders to focus on the mathematics behind market dynamics. 
Also Read: <a href="https://coingape.com/top-crypto-gainers-losers-today-check-full-list-here-for-january-24-2024/" target="_blank" rel="noopener">Top Crypto Gainers &amp; Losers For January 24, 2024</a> 
<h2 id="analyzing-grayscale-s-role-and-market-fallout">Analyzing Grayscale’s Role and Market Fallout</h2> 
Despite Grayscale’s significant role in the crypto space, its recent struggles have impacted the market. <a href="https://coingape.com/ftxs-1b-grayscale-etf-sale-linked-to-major-outflows-report/" target="_blank" rel="noopener">FTX’s</a> $1 billion GBTC selloff, driven by bankruptcy concerns, has cast shadows on market stability. 
Meanwhile, the SEC’s approval of U.S. Spot ETFs sparked momentary optimism, but Grayscale’s lagging trading volume compared to competitors like BlackRock and massive GBTC outflows have intensified market pressures. While some critics label <a href="https://coingape.com/bitcoin-etf-blackrock-triumphs-with-260-mln-inflow-as-grayscales-total-outflows-exceeds-3-bln/" target="_blank" rel="noopener">Grayscale’s GBTC</a> as a “gigantic wrecking ball of toxic waste,” the crypto community grapples with the aftermath of this market heavyweight’s troubles. 
The SEC’s nod to eleven spot Bitcoin ETFs initially uplifted spirits, but the road ahead remains uncertain as the industry navigates through these challenges. 
However, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has erased some of its previous losses on January 24, as the investors seem to be regaining confidence in the market. As of writing, the Bitcoin price traded at $40,000.06, marking a surge of 2.55% from yesterday. Meanwhile, over the last 24 hours, the flagship crypto has touched a high of $40,218.02 and a low of $39,105.51. 
Also Read: <a href="https://coingape.com/xrp-whale-offloads-29-5-mln-tokens-fall-to-0-50-imminent/" target="_blank" rel="noopener">XRP Whale Offloads 29.5 Mln Tokens, Fall to $0.50 Imminent?</a> 
The post <a href="https://coingape.com/cryptoquant-ceo-unveils-potential-reasons-behind-bitcoin-price-dip/">CryptoQuant CEO Unveils Potential Reasons Behind Bitcoin Price Dip</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

CryptoQuant CEO Unveils Potential Reasons Behind Bitcoin Price Dip

Зміст

Coingape News Media

Інші статті, опубліковані 24 січ. 2024 р.

Shiba Inu Alternative Picks Up Steam; Presale Raises $12,000,000 in 45 Days

Binance Coin (BNB) Price Analysis for January 24

Ethereum Whale Transfers Across Exchanges And DeFi, What Is Going On?

New and Best Meme Coins to Buy January 24 – dogwifhat, Shiba Predator, 4Chan

Join the AI PIN Revolution & Earn Rewards!

XRP Case: 'Ripple Is Wrong' Claims SEC in New Filing

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!