According to the inflow/outflow of BTC spot ETF funds yesterday, it is expected that approximately 13,476 BTC (approximately US$573 million) will be transferred to each ETF custody address after the US stock market opens tonight:

• Among them, the Grayscale (GBTC) custody address will outflow approximately 4,414 BTC (corresponding to the 1/31 fund outflow, which is approximately US$187.68 million);
• The remaining nine ETF custody addresses will have an inflow of approximately 9,062 BTC (corresponding to the 1/31 fund inflow of approximately US$385.36 million), of which Fidelity (FBTC) has an inflow of 5,459 BTC (approximately US$232.11 million), exceeding the grayscale outflow ;
• The ten ETFs saw an overall net inflow of approximately 4,648 BTC (approximately $197.68 million), marking the fourth consecutive day of net inflows.

The current ten BTC spot ETF custody addresses hold a total of approximately 649,113 BTC (approximately US$27.6 billion) in BTC.

Market conditions are gradually improving, and expectations such as the Federal Reserve's interest rate cuts and Bitcoin ETFs are on the way, thus becoming the catalyst for this bull market.

Bitwise’s predictions for cryptocurrencies in 2024 include that Bitcoin will hit an all-time high in 2024, the spot Bitcoin ETF will become the most successful ETF in history, Coinbase’s revenue will double, and more.

Short-term volatility or major trend reversal?

Bitcoin price plummeted from $44,000, with the daily chart showing a sudden 6.5% retracement and more than $300 million in long positions being liquidated in the cryptocurrency market.

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