#BTCETF Position analysis on January 31:
1. Eleven ETF funds purchased a net 7,348 BTC on January 31, and currently hold a total of 653,103 BTC, which is still higher than Grayscale’s total holdings of 619,162 before the ETF was approved.
2. Even though ETF funds made net purchases of BTC for two consecutive days, BTC began to fall. It can be seen that the rise and fall of BTC is not determined by the buying and selling of these 10 ETF funds.
3. In the past week, what determines the rise and fall of $BTC is the expectation of interest rate cuts.
On January 31, the Federal Reserve held its first interest rate meeting in 2024 and determined to continue to maintain a high interest rate level of 5.00%-5.25%.
Moreover, the Chairman of the Federal Reserve stated that it was unlikely to cut interest rates in March, so the price of BTC began to fall again on January 30.
The previous rise was due to rumors circulating in the market before the meeting that the data on January 11 might be incorrect, which ignited market expectations for an interest rate cut in March.
That's all, it's all expected support.
