Despite the approval and listing of spot ETFs, Bitcoin did not rise but also fell.
The US Securities and Exchange Commission (SEC) has announced the spot Bitcoin ETF applications that Bitcoin and cryptocurrency investors have been waiting for months or even years. on January 10 approved. Bitcoin price, approx. Expectation for 3-4 months It hosted serious increases with .
Bitcoin since October $26,500 from levels up 85% for 49 thousand dollars reached up to. However ETF expectations Although this took place, there was a decrease in price.
Why did Bitcoin fall?
The Bitcoin price remained dormant for a while on the day the spot ETF was approved, but a day later the funds started trading. for 49 thousand dollars rose. After a short time, the price rapidly lost 8% of its value and for $45,500 decreased by .
It is thought that there are several reasons behind this process. First to mind incoming If the reason was the concept of “Sell the News”, it seems unlikely that investors would do this in such a serious confirmation. However, larger Bitcoin whales are following suit in parallel with this confirmation. crypto- Bitcoin to currency exchanges made the transfers.
According to Whale Alert, which tracks big transfers On the afternoon of January 11 Then Bitcoins loaded to Coinbase moved. The value of transfers is usually 100 million dollars it was transcendent.
On the other hand, investors who believed that Bitcoin, which has been increasing since October, should now make a correction, also made profit sales. of this too has an impact on the decline is considered.
Finally, US inflation data was announced on January 11. Yearly 3.2% above expectations 3.4% While inflation data announced as causes upward movements in the dollar index, It also caused a decline in Bitcoin it could be.
According to CoinGecko data, Bitcoin in the last 24 hours 3% with decline from $45,872 is being traded.