Is Bitcoin Escaped from Selling Pressure? What Does GBTC Data Point to?

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Bitcoin After the sales pressure it experienced last week, it managed to recover and moved towards the $ 43,500 level. One of the main reasons for the recovery in prices is interpreted as the optimistic decision from the FOMC meeting expected to be held in the USA. GBTC, which has been recording big outflows for a while, has started to calm down. On the other hand, activity in BTC ETFs remains stable.

Grayscale Bitcoin Trust (GBTC) recorded its 12th consecutive day of outflows on Monday, January 29. Data signals that outflows are slowing down, falling to $191.7 million gives.

As of January 29, 2024, Grayscale holds 496,573.8166 Bitcoin assets. GBTC’s Assets Under Management (AUM) is around $21.431 billion. With the approval of the Spot BTC ETF, Grayscale users increased the pressure by selling 120,500 BTC worth approximately $5.508 billion.

Ambitious Prediction from Analyst: This Altcoin is Ready for a 50% Rise!

Bloomberg analyst James Seyffart underlined that GBTC continues its leadership in liquidity with the transaction reaching $570 million, surpassing the second-ranked $IBIT by approximately $110 million today.

This slowdown in GBTC outflows indicates that the selling pressure on Bitcoin has decreased. The latest outflows from GBTC mark a decline of nearly 25% from $255 million on Jan. 26 and a significant 70% drop from the fund’s peak daily outflows of $641 million on Jan. 22.

As Koinfinans.com reported, Fidelity’s spot Bitcoin (BTC) ETF, FBTC, achieved notable success with daily inflows of $208 million on January 29, the first since the launch of Grayscale Bitcoin Trust (GBTC). left their debut behind. Data from Farside Investors and BitMEX Research shows a shift in investor sentiment.

What Will Bitcoin Price Do?

Analyst Michael van de Poppe suggests Bitcoin is consolidating around $43,000 following a correction to $38,500. However, the price may rally up to $50,000 before the halving. This rally is similar altcoin It also has the potential to receive a positive response in the market.


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