The latest negative trend cited is about Spot Bitcoin ETFs This phenomenon has caused quite a stir in the industry with discussions emerging about its catalysts and potential impact on Bitcoin. As a result, one market expert delved into the topic, offering insights into the pessimistic development of the product and its price impacts.
Spot Bitcoin ETF Flows ‘Nothing New’
From an insightful perspective, Dean Crypto Trades, expert and well-known investor Directed The steady pattern of outflows from spot Bitcoin ETFs, drawing a negative bias to the recent volatility in Bitcoin Prices. Dean CryptoTrades emphasized that this trend indicates uncertainty in the cryptocurrency market, where regular price fluctuations have made investors, whether Institutional and Retail More cautious of risks.
Speaking about the X platform (formerly Twitter), the market expert claimed that the current ongoing withdrawals from the products are “nothing new.” He also drew attention to previous outflows seen in the early days following the launch of the funds in January of this year.
According to the expert, there have been multiple outflows of $500 million or more since the products began trading. Meanwhile, Bitcoin has always been It has been recovered. Gold prices have been on a strong rise since they were fluctuating between $50,000 and $70,000.
forObserving past trends, Dean noted that Bitcoin ETF withdrawals primarily track Bitcoin price performance, not the other way around. Dean’s perspective suggests that the products tend to experience negative sentiment during periods of sharp drop in prices And positive feelings during price growth.
The expert’s prediction is evident from the last trading day last week, when the products saw outflows worth millions of dollars. At the same time, the price of Bitcoin saw a downward movement, falling from the $56,800 level to $52,850.
Farside Investors, a London-based investment management company, Reported The funds lost more than $170 million after the market closed on Friday. Funds from Fidelity, Bitwise, Grayscale, Ark Invest and Valkyrie recorded significant outflows of $85 million, $14 million, $52 million, $7.2 million and $4.6 million, respectively. Meanwhile, funds from other asset managers recorded no inflows.
Bitcoin whales continue to accumulate
Bitcoin whales Cryptocurrencies are on the move again, with nearly 2,900 BTC moved in the past few days. Despite the recent price drop, Lookonchain, an on-chain data tracker, Reported BTC whales have been piling up on the crypto asset since September 1 and 3.
During the period, the tracker data shows that whales bought 2,814 BTC, worth $157.3 million at an average price of $55,887 from Binance, the world’s largest cryptocurrency exchange.
It is worth noting that the stock Bitcoin It was being transferred via three distinct, unknown wallet addresses identified as “bc1qg32kay34,” “bc1qd565,” and “36LMbBpvUHN.” This accumulation could spark renewed optimism about Bitcoin’s potential as whale movements are often seen as a bullish signal for the digital asset.
Featured image from Unsplash, chart from Tradingview.com