Decline in #Bitcoin ETF Holdings: What Are the Implications for the price Future?
The Bitcoin ETF holdings of several financial institutions have seen a significant drop.
The recent price correction of Bitcoin [BTC] has turned market sentiment negative. The 71 000 - 72 000$ zone may act as a local top.
However, it wasn't just the crypto traders who were impacted; Wall Street's interest in the leading cryptocurrency has also waned.
Across nine Bitcoin exchange-traded funds (ETFs), holdings collectively decreased by 2,199 Bitcoin, amounting to roughly $153.4 million.
ARK21Shares experienced a decrease of 840 BTC, approximately $58.6 million.
As of June 12th, they held 48,199 BTC, valued at around $3.36 billion. Grayscale also saw a reduction in its holdings by 580 BTC, about $40.5 million. On June 12th, Grayscale held 283,966 BTC, valued at $19.81 billion.
If major players are losing confidence and selling off their holdings, it might indicate a lack of faith in BTC’s long-term potential, which could create a ripple effect of negative sentiment throughout the market🚨
This could trigger a broader sell-off as less risk-tolerant investors panic and follow suit🥶
Does this coincide with my feeling of a correction ahead for the coming days?
