The Bitcoin machine is rolling again. After an initial post-ETF overheating and a correction that saw the crypto reserve currency reach a (negative) peak of 38,600 US dollars (USD), BTC is now picking up speed again. At the time of writing, digital gold is trading at $43,394. It is up 10 percent for the week and is well on its way to erasing post-ETF losses. Bitcoin’s annual high is $48,495.
The ETF effect that was hoped for in the immediate period after approval appears to be somewhat delayed. That’s not surprising: After all, according to data, all ETF sponsors hold Flipsidecrypto a total of 110,000 BTC – the equivalent of 4.7 billion US dollars.
What’s next?
In fact, there is some evidence to suggest that the price increase still has room for improvement. Finally, the net inflow into the BTC ETFs has been increasing for two trading days. While the selling pressure from the Grayscale Bitcoin ETF had previously caused net outflows, the buying side has had the upper hand again since January 26th. Show that Data from BitMEX Research.
To put it into perspective: around 900 freshly mined BTC come into the network every day. The $255 million inflows from January 29 are equivalent to about 5,800 BTC – that’s more than the entire new supply from 6 days of BTC mining.
The crypto asset manager CoinShares also confirms that the selling pressure caused by the Grayscale ETF is slowing down.
Grayscale outflows totaled $2.2 billion last week
James Butterfill Head of Research at CoinShares
But: “The data suggests that outflows are gradually easing,” writes James Butterfill, Head of Research at CoinShares.
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Approval for online advertising on Google could also have a positive impact. Like WatcherGuru first reported, sponsored content from ETF sponsors now appears on Google. This should also attract additional liquidity.
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