#write2earn Navigating #Bitcoin 's Recent Trends: #Grayscale Influence and Price Analysis #bitcoinETF #Bullmarlet
Over the past five days, the significant outflow of Bitcoin ($BTC), driven by the selling of Grayscale Spot ETF, has been balanced by a substantial inflow of $418 million on Tuesday. This indicates a likely decrease in Grayscale outflows soon, paving the way for renewed Bitcoin buying momentum.
During this period, Grayscale Bitcoin Spot ETF (GBTC) has been consistently selling Bitcoin into the market, coinciding with dwindling inflows in other 9 Spot Bitcoin ETFs. Surprisingly, despite these sell-offs, the Bitcoin price has seen an upward trend.
Who else has been participating in Bitcoin transactions? Much attention has been on Spot Bitcoin ETFs, with Grayscale alone selling over $500 billion worth of Bitcoin since January 11, almost half of its holdings, in just two months. Despite this massive sell-off, other Spot Bitcoin ETFs have made significant purchases, as seen with Tuesday's $418 million net inflow.
However, the question arises: who was buying during the five days when these 9 ETFs were making minimal purchases? It seems that adoption of Bitcoin is on the rise, with influential individuals becoming increasingly aware of its potential. With just a few billionaires entering the market, the supply of Bitcoin could rapidly decrease.
Already, the daily mined supply of Bitcoin is being bought up multiple times over, particularly by Spot Bitcoin ETFs. When considering factors like the impending halving in April and notable investors like "Mr 100," a supply shock seems imminent.
In terms of Bitcoin's next move, examining the short-term hourly chart reveals a potential bearish pattern forming, with the price hovering around support at $69,450. However, there's a possibility of an upside breakout if the price remains within the larger triangle and doesn't drop below $68,000.
Zooming out to the 4-hour timeframe, Bitcoin appears to be forming a bullish inverse head and shoulders pattern, with the neckline breached upwards.
