Despite a recent increase in outflows from the largest institutional investment vehicle, Bitcoin (BTC) continues its surge towards all-time highs. On March 4, Bitcoin surpassed $66,000, reaching $66,412 during the Wall Street opening.
Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

This advancement comes as outflows from the Grayscale Bitcoin Trust (GBTC) gain momentum once again.

Navigating Bitcoin’s Potential Next Moves
Bitcoin (BTC) showed significant upward momentum on Bitstamp, reaching a peak of $66,483, as per TradingView data. This surge followed a 5% increase after the weekly close.

BTC/USD 1-hour chart. Source: TradingView
As Bitcoin approaches its all-time highs, analysts are weighing various scenarios for its trajectory. Venturefounder, contributing to CryptoQuant, hinted at a possible repeat of recent events, where sudden gains led to heightened volatility following a crash on Coinbase, the largest U.S. exchange.

BTC/USD 1-week chart with “cup and handle” pattern. Source: Venturefounder/X

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

Keith Alan, co-founder of Material Indicators, took a cautious approach, noting the formation of a classic Cup & Handle pattern on the macro chart from the all-time high (ATH). He stressed the importance of a pullback from the ATH’s double top for the pattern’s full development. Nonetheless, Alan acknowledged the chance of the market surpassing the $69,000 record highs despite psychological pressure.
Alan underscored the risk for over-leveraged traders, suggesting vigilance in monitoring a potential return to the macro channel, currently situated in the $74,000 to $75,000 range, as a potential rejection point. He also mentioned that this threshold could shift higher if reaching it takes longer than expected.
Also Read:   Today's Crypto Prices: Bitcoin Hits $62K; Ethereum Surpasses $3400;+DOGE- SHIB- PEPE Rally
Bitcoin’s Resilience Amid GBTC Outflows
Despite increasing outflows from the Grayscale Bitcoin Trust (GBTC), Bitcoin (BTC) continued its upward march. Notably, March 4 witnessed outflows from GBTC surpassing half a billion dollars, marking a reversal in trend from the decline observed in the latter half of February.
Popular trader Daan Crypto Trades highlighted this trend reversal, noting a significant net outflow of -$139.6 million on Friday, primarily attributed to a substantial outflow from GBTC amounting to -$492.4 million. Data from crypto intelligence firm Arkham corroborated this observation.

Grayscale Bitcoin Trust (GBTC) BTC holdings (screenshot). Source: CoinGlass
Despite the outflows, GBTC remains the largest Bitcoin investment vehicle in terms of BTC holdings. As of March 4, GBTC’s holdings totaled 428,540 BTC, equivalent to $28.9 billion, according to monitoring resource CoinGlass.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#GBTC #Bitcoin #Altcoin #Cryptocurrency #CryptoNews

Despite the recent drop in Bitcoin's price below the critical level of $39,000, major #Bitcoin holders, often referred to as "whales," have demonstrated their belief in this leading #cryptocurrency by expanding their portfolios.
According to an analysis by crypto analyst Ali, published on the X platform, these significant investors took advantage of the recent price drop to buy more, thereby expanding their Bitcoin portfolio.
The analysis showed that about 67 new entities joined the group of holders who own more than 1,000 BTC, representing an increase in these holdings by 4.5% over just two weeks.
This move signals a different outlook on the market than the current pessimistic sentiment. Despite price fluctuations and the uncertainty affecting the entire cryptocurrency market, whales are showing an optimistic outlook.
Bitcoin's Resilience and Recovery: Key Factors
Bitcoin has shown resilience despite its recent price fall, indicating a recovery. Over the last week, it recorded a value increase of more than 10%, with a significant jump of 3.2% in the last 24 hours, bringing its price to approximately $43,412.

An increased trading volume, which rose from less than $15 billion to more than $24 billion in a day, reveals growing investor interest and renewed market confidence.
Among the main factors for the price recovery is the reduced impact of Grayscale's sell-offs. Bloomberg analyst James Seyffart pointed out that the BlackRock Spot Bitcoin ETF, IBIT, has almost matched the trading volume of Grayscale's GBTC, marking a significant step towards achieving dominance in the spot #ETF market for cryptocurrencies.
Reduction of Selling Pressure and Market Optimism
Especially, Grayscale's conversion of GBTC into a spot Bitcoin ETF played a key role in the drop of Bitcoin's price below $39,000 last week, leading to a massive sell-off among GBTC investors.
However, recent trends suggest that #GBTC investors are cooling off in their rush to realize profits. According to a post by BitMEX Research on X, GBTC recorded the lowest daily outflow since its launch, indicating reduced selling pressure and contributing to the recovery of Bitcoin's price.
Glassnode co-founders, Jan Happel and Yann Allemann, known on X as Negentropic, pointed out that the recent rise in Bitcoin's price above $42,200 has created significant liquidity for long positions, suggesting potential volatility and market movements. If Bitcoin maintains its upward trend, it could trigger further liquidations of short positions, potentially strengthening its value.
 $BTC
#BTC
 
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Bitcoin is currently facing its “biggest challenge” with GBTC outflows, but predictions suggest that good times may return for BTC price action after next week.
Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

There are signs that momentum may be shifting already, especially as institutional BTC outflows decrease. Recent data, including from United Kingdom-based investment firm Farside, indicates that the Grayscale Bitcoin Trust (GBTC) only lost $170 million on March 22.

Challenges for US Spot Bitcoin Exchange-Traded Funds (ETFs)
This week, United States Spot Bitcoin exchange-traded funds (ETFs) have been in the spotlight for what some consider the wrong reasons. Inflows into these ETFs have notably decreased compared to the beginning of March, while outflows from GBTC have reached record highs, resulting in five consecutive days of net reductions in assets under management for GBTC.
The timing of these events seems strategic, as reports suggest that bankrupt crypto lender Genesis has been selling its GBTC position throughout the week. If this selling pressure has indeed subsided, it could alleviate downward pressure on ETF trends.

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

Investor and entrepreneur Alistair Milne commented on X (formerly Twitter) regarding the flow data, noting, “Net flows out of the Bitcoin ETFs dropped to -$51.6mil yesterday, helped by a big slowdown in GBTC selling.” This observation suggests a potential stabilization or improvement in ETF flows following the slowdown in GBTC selling.

Bitcoin ETF flows (screenshot). Source: Farside

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

Pivot Point Theory and Insights from Willy Woo
The pivot point theory, a concept in cryptocurrency analysis, is also endorsed by statistician Willy Woo, known for creating the on-chain data resource Woobull.
Also Read:   SOL All-Time Highs Predicted; BTC & SEI Update
In a recent post on X (formerly Twitter), Woo unveiled a new model that compares ETF inflows with Bitcoin price movements. Although he didn’t specify the data used for this metric, he indicated that the most intense phase of offloading may have passed.
Commenting on the new model, Woo suggested, “According to this new model I’ve been playing with, the worse of the sell down in this first phase of the consolidation may be over.” He further added, “I’m kinda expecting consolidation to run right into the halvening, thus more choppiness through April.”

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

Bitcoin Inflow Model. Source: Willy Woo/X
Agreement on BTC Price Outlook from Pseudonymous Commentator
Pseudonymous commentator WhalePanda echoed similar sentiments regarding the outlook for Bitcoin’s near-term price action. Despite the recent fluctuations, he remained optimistic and suggested that conditions for a return to price discovery could be favorable by next week.
“Now we’ll most likely have a sideways weekend and potentially consolidate a bit more next week before the path up to new ATH,” WhalePanda wrote. He highlighted the prevalence of individuals waiting for lower prices and emphasized the significance of the current emission schedule.
WhalePanda pointed out, “With the current emission schedule at $64k, we need $57.6 million of inflows per day to scoop up the daily mined coins. In less than a month with the halving, that total is $28.8 million.” These insights shed light on the dynamics of Bitcoin’s supply and demand and its potential impact on future price movements.

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

Mixed Reactions to GBTC’s Declining AUM
Some individuals expressed criticism towards the Grayscale Bitcoin Trust (GBTC), which now holds only half of the Assets Under Management (AUM) it had when it converted to an ETF in January. Crypto author and educator Vijay Boyapati argued that the ecosystem would be healthier without GBTC, attributing it to the 2022 market collapse and noting that its net outflows pose a significant challenge to Bitcoin.
Also Read:   Shiba Inu Team Aims for New Record High Before Bitcoin Halving
On the other hand, spot Bitcoin products have seen remarkable success, representing the most successful ETF launch in history. Cumulative flows for these products have reached $12.15 billion since they began trading.
Cathie Wood, CEO of ARK Invest, one of the ETF providers, earlier stated that the bulk of institutional exposure to Bitcoin is yet to come. This indicates optimism about future institutional participation in the cryptocurrency market.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

#Bitcoin #Altcoin #Cryptocurrency #GBTC $BTC $ETH $BNB

#FTX has sold its exchange-traded fund (ETF) in Bitcoin from Grayscale, valued at approximately $1 billion. This move has contributed significantly to the recent outflow of funds from this fund.
Decline in Bitcoin Price Following ETF Approval
Since the approval of #Bitcoin ETFs, the price of Bitcoin has decreased. There is a theory that the current sale of substantial shares by FTX could alleviate selling pressure, as the liquidation of shares in bankruptcy proceedings is an unusual occurrence.
 Massive Sale of Shares by Investors
Investors have divested more than $2 billion worth of shares in the Grayscale Bitcoin Trust (GBTC) since the fund transitioned into an exchange-traded fund earlier this month. According to information from CoinDesk and sources familiar with the situation, a significant portion of this outflow was caused by the bankruptcy nature of FTX, which sold 22 million shares.
 Introduction of New Bitcoin ETFs
Several new spot Bitcoin ETFs were introduced on January 11 after lengthy delays and final approval by the U.S. Securities and Exchange Commission (SEC). Unlike the newly created funds, such as those from BlackRock and Fidelity, which experienced an influx, GBTC saw a massive outflow.
 FTX's Influence on the GBTC Market
FTX sold 22 million shares of #GBTC , reducing its stake to zero. This sale was valued at nearly $1 billion. Since the approval of the #ETF , there has been a significant drop in the price of Bitcoin, contrary to market expectations before the SEC's decision.
 FTX's Impact on Bitcoin Price
FTX profited from the difference between the price of GBTC shares and the actual value of Bitcoin within the fund. As of October 25, 2023, it held 22.3 million GBTC shares valued at $597 million, with the value of these shares rising to $900 million on the first day of trading.
 Additional Details on FTX's Holdings
FTX held shares in five Grayscale trusts and also in the Bitwise trust. Marex Capital Markets Inc., which managed these shares, declined to comment on the situation. Galaxy Digital, a cryptocurrency trading specialist involved in the sale of FTX's assets, also did not comment. On Monday, Alameda Research, a trading firm associated with FTX, withdrew its lawsuit against Grayscale over high fees.
#FCKGS
 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“