Bitcoin Slides Below $40K, Now Down Nearly 20% From Post-ETF Euphoria
Analysts at 10x Research are eyeing the $38,000 level for a potential bottom.
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Analysts at 10x Research are eyeing the $38,000 level for a potential bottom.
Flows of fresh investor money into the newly approved spot bitcoin ETFs may be far higher than previously thought.
Despite sizable net inflows into the new spot ETFs, bitcoin is lower by more than 12% since the products began trading one week ago.
IBIT’s holdings consist of 99% bitcoin, and nearly $60,000 in fiat, data shows.
Several on-chain metrics and indicators still suggest the price correction may not be over or at least that a new rally is still not on the cards, one firm said.
Grayscale’s GBTC has seen sizable outflows as investors cash following its conversion to a spot ETF.
The JPMorgan CEO said this will be the last time he airs his opinion on bitcoin.
The news sent bitcoin tumbling early Tuesday, but the price quickly recovered.
The approval of spot bitcoin ETFs in the U.S. was much anticipated and well-priced, so the event will likely be a short- to mid-term top for the price, analysts said.
Bitcoin ETFs clocked up some $4.6 billion in volumes on their first day, but market volatility hit futures speculators as prices whipsawed.