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Bitcoin price plummeting after the introduction of spot ETFs: crypto whales playing spoilsport?
As www.finanzen.net reports, the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) has led to a massive price loss for the cryptocurrency. The crypto whales, who sold off billions worth of Bitcoin, are likely to have played an important role in the sales. This article analyzes the impact of price losses and the role of crypto whales in this context. Influential Bitcoin Whales' Billion Outflows According to data from Santiment, crypto whales sold around 70,000 Bitcoins worth about $2.7 billion between January 10 and January 24 after the Bitcoin spot ETFs were approved. These large investors, who own at least 1,000 Bitcoins, have significant market power and have the...
Bitcoin price plummeting after the introduction of spot ETFs: crypto whales playing spoilsport?
How www.finanzen.net Reported, the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) has led to a massive drop in the price of the cryptocurrency. The crypto whales, who sold off billions worth of Bitcoin, are likely to have played an important role in the sales. This article analyzes the impact of price losses and the role of crypto whales in this context.
The billions outflows of the influential Bitcoin whales
According to data from Santiment, crypto whales sold around 70,000 Bitcoins worth about $2.7 billion between January 10 and January 24 after the Bitcoin spot ETFs were approved. These large investors, who own at least 1,000 Bitcoins, have significant market power and the ability to significantly influence the crypto market.
Huge outflows at Grayscale Bitcoin Trust
The Grayscale Bitcoin Trust (GBTC) was one of the investment products hit hard by the sales. According to BTC ECHO, around $3.4 billion has flowed out of the ETF since GBTC began trading. On January 24th alone, 19,200 Bitcoins worth around $770 million were withdrawn from US cryptocurrency exchange Coinbase.
Bitcoin has been weakening since ETF approval
Bitcoin has lost around 10 percent of its value since spot ETFs were approved. The billion-dollar sales by Bitcoin whales are likely to be a reason for this price decline. However, many retail investors may also have taken profits following the approval of the Bitcoin spot ETFs.
Bitcoin about to resume its rally? Bullish price targets – and growing acceptance
Despite the current downward trend, there are analysts who are predicting ultra-bullish price targets for Bitcoin. Influential figures from the US financial industry such as BlackRock boss Larry Fink and JPMorgan CEO Jamie Dimon have recently come out as Bitcoin fans, which should be positive for crypto sentiment.
Overall, the massive selling activity of crypto whales and the associated price losses indicate great uncertainty and volatility in the crypto market. The role of crypto whales as market players should therefore continue to be closely monitored as they continue to play a significant role in cryptocurrency price developments.
Read the source article at www.finanzen.net