BTC Market Update 22nd January
In the week subsequent to the introduction of the BTC Spot ETF, the cumulative trading volume across all 11 ETFs has reached $9.8 billion, with GBTC alone contributing $4.6 billion to this total.
Since its transformation from a Trust into an ETF, GBTC has witnessed $1.17 billion in outflows, as shown in this link. This trend was anticipated, given GBTC's consistent trading at a discount since 2020, with the discount reaching as much as -48% at the beginning of 2023. The conversion to an ETF has been eagerly awaited by GBTC investors, presenting an opportunity to exit at par value. The current uncertainty revolves around the extent to which investors will withdraw from GBTC's $25.4 billion in assets under management.
Following the ETF approval, BTC's price reached a peak of $49,100 but has since declined, stabilizing above the $40,000 support level. Trading volumes have decreased after the initial surge post-launch, and attention now shifts to the ongoing outflows from GBTC.
This phase is likely a temporary market absorption, and it is anticipated that we may witness some choppy movements followed by positive momentum as we approach the Bitcoin halving in the next three months.
#BitcoinETF #CryptoMarket #TradingTrends #GBTC #MarketOutlook #CryptoNews
Since its transformation from a Trust into an ETF, GBTC has witnessed $1.17 billion in outflows, as shown in this link. This trend was anticipated, given GBTC's consistent trading at a discount since 2020, with the discount reaching as much as -48% at the beginning of 2023. The conversion to an ETF has been eagerly awaited by GBTC investors, presenting an opportunity to exit at par value. The current uncertainty revolves around the extent to which investors will withdraw from GBTC's $25.4 billion in assets under management.
Following the ETF approval, BTC's price reached a peak of $49,100 but has since declined, stabilizing above the $40,000 support level. Trading volumes have decreased after the initial surge post-launch, and attention now shifts to the ongoing outflows from GBTC.
This phase is likely a temporary market absorption, and it is anticipated that we may witness some choppy movements followed by positive momentum as we approach the Bitcoin halving in the next three months.
#BitcoinETF #CryptoMarket #TradingTrends #GBTC #MarketOutlook #CryptoNews
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