{"id":232952,"date":"2024-01-20T15:06:00","date_gmt":"2024-01-20T09:36:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/heres-why-bitcoin-btc-price-is-falling-after-spot-bitcoin-etfs-cryptoquant-crypto-news\/"},"modified":"2024-01-20T15:06:04","modified_gmt":"2024-01-20T09:36:04","slug":"heres-why-bitcoin-btc-price-is-falling-after-spot-bitcoin-etfs-cryptoquant-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/heres-why-bitcoin-btc-price-is-falling-after-spot-bitcoin-etfs-cryptoquant-crypto-news\/","title":{"rendered":"Here’s Why Bitcoin (BTC) Price Is Falling After Spot Bitcoin ETFs: CryptoQuant – Crypto News"},"content":{"rendered":"

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Bitcoin price loses steam after the spot Bitcoin ETFs\u2019 approval and listing on exchanges, falling over 15% from $48,969 to $40,297. In a paradigm shift, trading volumes dropped significantly on crypto exchanges.<\/p>\n

Moreover, there\u2019s a narrative in the market over Grayscale Bitcoin Trust (GBTC) selling Bitcoin holdings, but CryptoQuant team asserts it\u2019s not actually the case. They also predict a short-term correction.<\/p>\n

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Bitcoin Selling By Holders<\/h2>\n

CryptoQuant head of research Julio Moreno<\/strong>, said it\u2019s a wrong narrative circulating in the market that the current Bitcoin price correction is due to GBTC selling Bitcoin holdings.<\/p>\n

Grayscale Bitcoin Trust (GBTC) sold about 60K bitcoins, but other 10 spot Bitcoin ETFs such as BlackRock<\/a>, Fidelity, Bitwise have a combined net purchase of about 72K bitcoins. It indicates that the inflow is indeed increasing, with trading volumes exceeding billions.<\/p>\n

The Bitcoin selloff has come from holders including short-term traders and whales. They capitalized on the \u201csell-the-news\u201d event to book profit of the recent rally.<\/p>\n

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\u201cSeveral On-chain metrics and indicators still suggest the price correction may not be over or at least that a new rally is still not on the cards. Short-term traders and large Bitcoin holders are still doing significant selling in the context of a risk-off attitude. Additionally, unrealized profit margins have not fallen enough for sellers to be exhausted,\u201d as per CryptoQuant insights<\/a>.<\/p>\n

Read More: Spot Bitcoin ETFs See Inflows of $33.1 Million on Day 6<\/a><\/strong><\/p>\n

BTC Price To Witness Short-Term Correction<\/h2>\n

CryptoQuant founder and CEO Ki Young Ju<\/strong> in a post on January 20 revealed that Bitcoin in distribution phase is not fully distributed to retailers. He warns about a short-term correction in BTC price, after a 15% correction in the last few days.<\/p>\n

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However, he added that this long-term bull market cycle will continue until Bitcoin is fully distributed to retailers. The long-term outlook remains positive.<\/p>\n

BTC price<\/a> jumped 1% in the past 24 hours, with the price currently trading at $41,659. The 24-hour low and high are $40,297 and $42,134, respectively. Furthermore, the trading volume has decreased by 16% in the last 24 hours, indicating a decline in interest among traders.<\/p>\n

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