Press "Enter" to skip to content

Bitcoin, Ethereum, Dogecoin Trade Mixed As Spot ETF Flows Turn Negative For First Time Since Launch: Analyst Predicts Over 600 Days Of Bullish Momentum In Store For King Crypto

Loading…
Loading…

Major cryptocurrencies showed mixed trading on Thursday evening as the recently launched spot Bitcoin exchange-traded funds (ETFs) are experiencing combined negative flows for the first time since their trade debut on Jan. 11.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +0.26% $40,118
Ethereum ETH/USD +0.86% $2,234
Dogecoin DOGE/USD -0.32% $0.078

What Happened:  Funds such as BlackRock’s IBIT and Fidelity’s FBTC have failed to keep pace with the exits from Grayscale’s GBTC.

According to data collected by Bloomberg Intelligence analyst James Seyffart, the 10 spot Bitcoin ETFs, including GBTC, experienced a net outflow of $158 million on Wednesday. 

Of the ten funds, GBTC was the only one to experience negative flows over the week, with its total bitcoin in trust dropping to 523,516 from 592,098, reported CoinDesk. Among the other nine funds, BlackRock’s IBIT and Fidelity’s FBTC are leading, each holding over 40,000 bitcoin as of Jan. 24, compared to 20,000-25,000 just one week ago. Both funds are also approaching $2 billion in assets under management.

However, inflows for both funds have slowed in the past few days. For example, BlackRock added merely 1,663 tokens on Jan. 24, marking its lowest daily addition since opening for business and a decline from 8,705 on Jan. 17.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Pyth Network PYTH/USD +13.04% $0.42
IOTA IOTA/USD +11.89% $0.25
Chiliz CHZ/USD +8.14% $0.11

The global cryptocurrency market cap now stands at $1.56 trillion, showing a 0.48% increase in the past 24 hours.

The S&P 500 extended its gains for the sixth consecutive day, surmounting a dip in Tesla’s performance. Economic indicators signified ongoing growth, propelling the broad index by 0.53% to 4,894.16, achieving yet another all-time high closing record.

The Nasdaq Composite saw an increase of 0.18% to 15,510.50.

Gross domestic product statistics revealed a robust 3.3% growth rate for the U.S. economy in the fourth quarter, surpassing the 2% projection by Dow Jones economists. Furthermore, the latest report presented encouraging inflation data. The personal consumption expenditures price index saw a 2% quarterly rise when excluding food and energy, which is the core measure favored by the Fed for assessing inflation.

See More: Best Cryptocurrency Scanners

Loading…
Loading…

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe asserts the need for greater accuracy in assessing the impact of the ETF on the markets. 

“There’s some selling pressure in the short term, but in the long term, a massive amount of new money flows into the markets from new participants. As a result, #Bitcoin might push higher this cycle than we think.”

He added, “Bitcoin is getting toward the final stages of this correction. We’re seeing volatility decrease from here, as the markets have witnessed a 20% correction in 10 days. The range-low is still $36-39,000, and upward momentum to the halving is likely from here.”

Cryptocurrency analyst and trader Ali Martinez suggests that historical patterns could provide valuable insights into the longevity of Bitcoin’s current bull run.

According to Martinez, if Bitcoin continues to adhere to past bullish cycles, the prevailing uptrend could persist for over a year and a half. 

“If Bitcoin mirrors past bull runs (2015-2018 and 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025. This implies BTC still has 600 days of bullish momentum ahead!”

Photo by FellowNeko on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

Loading…
Loading…

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *