The price of bitcoin (BTC) has been struggling since January 11 after the approval of a spot BTC exchange-traded fund (ETF) in the US. BTC has declined more than 18% from $49,000 to $39,900 at the time of writing. However, experts insist the price action remains decidedly bullish overall.
Large Inflows Support Bull Case
Ash Crypto, a popular crypto analyst on X highlighted large inflows into major bitcoin funds to support the bullish perspective.
Since the approval of the spot BTC ETF, Grayscale has deposited a total of 79,213 BTC, equivalent to $3.27 billion, into Coinbase Prime. As of now, Grayscale’s holdings total 558.28k BTC, valued at $22.45 billion.
Most Selling Pressure Exhausted
Furthermore, most of the recent selling pressure appears to have come from FTX, which finished selling about 2.5 million shares every day for 8 days. Even with the Grayscale Bitcoin Trust (GBTC) sell-off, there’s a net inflow of $1.1 billion, equal to 28,000 Bitcoins at current prices.
Other major bitcoin funds also continue to grow quickly. For example, the Fidelity Bitcoin Fund (FBTC) is expanding faster than the bitcoin fund from BlackRock.
So while the recent dip may have shaken out some weak hands, the data supports the bull case for bitcoin in 2024. Major institutional inflows continue unabated, suggesting the long-term adoption trend remains healthy.
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