The crypto market has been quite volatile since the launch of spot Bitcoin ETFs. On the other hand, Grayscale’s GBTC witnessed massive outflows. Many analysts blame GBTC selling behind the recent decline in Bitcoin price. Ki Young Ju, founder and CEO of CryptoQuant, suggests otherwise. Ju also recommends that investors accumulate BTC like institutional ones. Meanwhile, Bitcoin whales on Bitfinex are using the decline as a buying opportunity.
CryptoQuant CEO: Don’t worry, save Bitcoin!
Amidst the turbulent scenario in the crypto market, CryptoQuant’s Ki Young Ju advises investors to follow institutional strategies, emphasizing that BTC fell not due to GBTC but due to derivative market selling. According to Ju, active OTC markets do not show price impact. This shows that accumulation occurs again when on-chain OTC and spot ETF activity decreases. It also signals that an upward trend has begun. In this context, CryptoQuant CEO makes the following statement:
Accumulate Bitcoin like an institutional investor. BTC is falling due to derivative market selling, not GBTC. OTC markets are very active, but have no price impact. Reaccumulation is completed when on-chain OTC and spot ETF activity decreases. This is the beginning of a bull market. In a Bitcoin futures-focused market, GBTC issuance is less affected by spot sales.
According to analysts, there is no need to worry about BTC!
At the same time, crypto market expert Fred Krueger dismisses concerns about GBTC sales. It highlights the real key performance indicator (KPI) as BTC flows into the new nine ETFs. In his opinion, worrying about GBTC is like worrying about whales selling BTC. He also predicts long-term gains for giants like BlackRock, Fidelity, and Bitwise.
On the other hand, Samson Mow guarantees that Bitcoin (BTC) demand from a variety of sources, including individuals, companies, nation states and ETFs, will outpace any selling pressure. Mow recommends rationality over emotional reactions. Therefore, he urges stakeholders to focus on the mathematics behind market dynamics.
Bitcoin whales go bargain hunting on Bitfinex
BTC traded at a high premium to the global average price over the weekend on Bitfinex. This pointed to bargain hunting by whales. It looks like crypto whales are snapping up BTC at cheaper prices after the recent drop. cryptokoin.comAs you follow from , Bitcoin is down 19% since spot ETFs began trading in the US. This situation became an opportunity for some crypto whales who were trading Bitcoin on Bitfinex, one of the 10 largest exchanges by transaction volume. By the way, it should be noted that Bitfinex whales are famous for making waves in the market.
Latest data shows that Bitcoin on Bitfinex is trading at a $100 premium to the global average price. This is quite high compared to other exchanges such as Coinbase and Binance. The analyst nicknamed Byzantine General draws attention to this situation as follows:
Someone on Bitfinex has been buying BTC from TWAP for 3 days straight. That’s why Bitfinex is trading at a huge premium. I estimate that around $50 million in spot has been accumulated so far.
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