- Spot Bitcoin ETFs have witnessed a remarkable start, trading nearly $10 billion in just three days.
- The impact of these ETFs on BTC’s price remains uncertain, with fluctuations observed in the market.
Following the launch of spot Bitcoin ETFs, BTC prices have faced strong selling pressure over the past week. According to a report posted in Coin Market Cap, this trend reflects the significant uncertainty in the cryptocurrency market. The spot Bitcoin ETFs have gained considerable momentum, especially after the Grayscale lawsuit. The recent launch of these ETFs in the U.S., sanctioned by the SEC, marked a robust entry into the market.
Current Market Trends and Bitcoin’s Price Movement
As of the latest update, BTC prices have shown a decline and a sideways movement. As indicated by the current chart, BTC is trading at $42,657.48, experiencing a 0.46% decrease in the last day and a 6.73% fall over the past week.
However, Bloomberg expert James Seyffart, in his recent statement on the Bitcoin ETF market – referred to as the “Bitcoin ETF Cointucky Derby” – noted that these ETFs have amassed almost $10 billion in total trading over three days. He promises further details on flows and assets soon, as mentioned in my recent tweet below.
🚀📈 Explosive start for U.S. #Bitcoin spot ETFs! 💥 In just 3 days, they clocked nearly $10 billion in trading volume. 📊 #Grayscale's GBTC led the charge with $5.174 billion, followed by #BlackRock's IBIT at $1.997 billion, and FBTC at $1.479 billion. 📈🚀… pic.twitter.com/BD5SIEwrj7
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) January 17, 2024
The Future Outlook of Bitcoin ETFs
It’s still unclear whether the Bitcoin ETF launch will ultimately have a bullish or bearish effect in the coming months. The launch has been explosive, with the U.S. Bitcoin spot ETFs amassing nearly $10 billion in trading volume in just three days. Grayscale’s GBTC led this surge with $5.174 billion, followed by BlackRock’s IBIT at $1.997 billion, and FBTC at $1.479 billion.
On-Chain Data and Market Sentiments
Despite Bitcoin’s current market pressure, on-chain data analysis reveals a significant trend among large Bitcoin wallets, which are actively moving older coins. Although this movement has temporarily halted, it might lead to a pause in the current bullish cycle in the cryptocurrency market. Historically, Spot Bitcoin ETFs have sparked interest amidst crypto volatility, with entities like BlackRock and other financial giants recognizing their profit potential, as reported by CNF.
