👉👉👉 #BitcoinETF💰💰💰 Day 8 Update: Market Rebound Signals Bottom As Grayscale Selling Slows Down
Following the SEC's approval of Bitcoin ETFs on January 11 and subsequent trading initiation, the ETF market has consistently shown robust volumes. Amid a market recovery from a 20% drop, signs of a slowdown in Grayscale's selling activities offer hope for Bitcoin bulls. Market analysts note a positive shift in Grayscale's strategy, potentially stabilizing Bitcoin prices and restoring investor confidence.
Major asset management players, such as BlackRock and Fidelity, demonstrate resilience and commitment to Bitcoin. #BlackRock holds 44,000 BTC in AUM, showcasing increasing exposure, while Fidelity, a key Bitcoin ETF issuer, maintains confidence with 40,000 BTC AUM.
Despite a sell-off driven by FTX in its initial 8 days, expectations for reduced selling pressure from FTX and Grayscale on day 9 could contribute to a more stable market environment. Bitcoin ETFs emerge as substantial holders, absorbing 101,600 BTC from Grayscale and adding 21,100 BTC in 8 days, indicating growing institutional interest.
Bitcoin ETF managers alone acquire 15 times the daily Bitcoin supply, surpassing 13,444 BTC against the 900 BTC daily creation rate. This underscores strong demand from institutional investors and the potential impact of ETFs on the Bitcoin market.
Bloomberg ETF expert Erich Balchunas notes a decrease in GBTC volume, signaling potential exhaustion in selling. However, a recent $515 million withdrawal from #gbtc resulted in a total outflow of $3.96 billion since its ETF conversion. On a positive note, there was a net inflow of $409 million on the ninth day, indicating renewed investor interest.
Source - newsbtc.com
