Bitcoin ETFs Experience Day 12 Reversal, GBTC Selling Slows, Fidelity And Blackrock Garner $400 Million
31 Januar 2024 - 5:00AM
NEWSBTC
Bitcoin has witnessed a positive turn of events as it reclaimed the
$43,000 mark on Tuesday, thanks to a significant reduction in
selling pressure from asset manager Grayscale. The reversal in
Bitcoin ETFs during day 12 of trading has seen more inflows than
outflows. Fidelity and Blackrock recorded a combined $400 million
across their Bitcoin ETFs under the ticker names FBTC and IBIT,
respectively. Bitcoin ETFs Record Third-Largest Money Day
According to market expert James Mullarney, Grayscale Bitcoin Trust
(GBTC) has experienced a noticeable reduction in selling pressure,
as reflected by the slowing down of GBTC selling. Day 12 of
trading showed a substantial inflow compared to outflow, marking
the third-largest money day ever in net money flow, bringing in
$256 million. Related Reading: Bitcoin NFT Bubble Bursts:
Values Plummet 60% After Holiday Frenzy Mullarney further states
that adding new Bitcoin ETFs has contributed to a net positive of
$1 billion in ETFs, with an estimated 25,000 Bitcoin added to the
market. The new Bitcoin ETFs now hold a total of 150,000 BTC in
aggregate. Miners Sell Most Coins Since May 2023 Despite these
positive developments with Bitcoin ETFs, there is an ongoing
increase in selling pressure from miners. A recent CryptoQuant
report reveals that miners have sold the most coins since May
2023. The flow of coins from miner wallets to spot exchanges
reached its highest value since May 16, 2023, with over 4,000
Bitcoin amounting to approximately $173 million in selling
pressure. Although miners have increased their selling activity,
CryptoQuant asserts that the market has absorbed this pressure
“calmly”. It is important to note that the reserves in mining
portfolios have remained at the same level since the beginning of
January. CryptoQuant highlights that it is crucial to
consider that these actions do not necessarily indicate a “dump” by
miners. The firm concluded: It is true that there were several
interactions with exchanges during this period, some quite
significant, but this does not correspond to a “dump” on the part
of these entities. Furthermore, it is necessary to be careful when
reading messages like “miners are dumping coins”, this analyzes may
not take into account the return of these coins to miners’
wallets. New All-Time High For Bitcoin After November?
Renowned crypto analyst, CryptoCon, cautions against the belief
that “this time is different” for Bitcoin, highlighting the
recurring nature of its market cycles. With three completed cycles
and a fourth underway, CryptoCon emphasizes that historical
patterns, including the launch of Bitcoin ETFs, have consistently
influenced Bitcoin’s price trajectory. CryptoCon emphasizes that
Bitcoin’s price movements have followed distinct cycles, and he
warns against the notion that each cycle will deviate significantly
from the preceding ones. Related Reading: Skybridge Capital
CEO Reveals When Bitcoin Price Will Reach $170,000 Despite the
anticipation surrounding the launch of ETFs, historical evidence
suggests that they have coincided with local price highs rather
than instant new all-time highs. CryptoCon argues that the
repeated occurrence of such patterns should serve as a reminder
that “this time is different” often proves to be an illusory
belief. According to CryptoCon’s analysis, a period of sideways
movement is expected to commence soon after the completion of the
ongoing correction, which saw BTC retrace to the $38,500 level on
Tuesday, January 23. This phase is predicted to last
approximately four months, culminating in a second early price peak
in June 2024, according to Crypto Con. Following this, the
analyst foresees the possibility of new all-time highs occurring
after November 28th, 2024. However, it is crucial to note that the
cycle’s peak will occur within approximately 21 days from this
date, around November 28th, 2025. Featured image from Shutterstock,
chart from TradingView.com
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