Notable crypto market commentator Wu Blockchain posted today that when U.S. stocks open on January 29th, an estimated 12,504 Bitcoin (BTC) worth $525 million are expected to move across cryptocurrency exchange-traded fund (ETF) custody addresses.
Specifically, Wu stated: “When U.S. stocks open on January 29, approximately 12,504 BTC ($525 million) are expected to move across ETF custody addresses. Among them, the Grayscale GBTC custody address will see an outflow of approximately 6,077 BTC; the remaining nine ETF custody addresses will see an inflow of approximately 6,427 BTC; the overall net inflow is approximately 350 BTC ($14.8 million).”
This refers to the leading cryptocurrency investment funds that hold Bitcoin as part of their portfolios. The outflow from Grayscale’s fund may indicate investors withdrawing capital after new Bitcoin ETF products were approved earlier this year. However, other ETFs are expected to see net inflows of Bitcoin, hinting at continued institutional demand.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +The incoming funds being allocated to Bitcoin ETFs point towards sustained institutional interest in cryptocurrency exposure. However, the outflows from funds like Grayscale’s could put short-term selling pressure on Bitcoin prices. Overall though, growing adoption of crypto investment vehicles is a positive sign for the maturation of digital assets.
As major traditional finance players continue entering the still-nascent crypto space, we can expect funds flow to dictate price action in 2024. Wu Blockchain and other analysts will be closely monitoring the trends to ascertain institutional sentiment around the world’s most valuable cryptocurrency.
You may also be interested in:
- Will Kaspa (KAS) Still Be Relevant in 10 Years Time?
- Why Is SUI Price Surging?
- Rebel Satoshi, Bonk, and Shiba Inu Poised to Revolutionize the MemeCoinMarket in 2024
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.