After the approval of Spot Bitcoin ETFs, the expected increase in Bitcoin did not occur, on the contrary, Bitcoin fell sharply. Bitcoin, which rose to around $49,000 on January 11, dropped to $41,500 today, which was a disappointment for some investors but not a surprise for others.
Bitcoin BTC is currently trading at $43,238. Although Bitcoin rose to $48,696 after the approval of spot ETFs, it could not go higher and fell to $41,500 this morning after the declines. To be honest, I had concerns that such a decline would occur, but I still had more hopes that it would go higher. But unfortunately my concerns were true.
Some investors who sold the news or wanted to take their profits early created selling pressure, and the transfer of large amounts of BTC to crypto exchanges such as Coinbase worried some investors, which seriously increased the selling pressure, which caused Bitcoin to fall sharply.
Yesterday evening, 21,671 BTC (∼ $900 million) was transferred from unknown wallets to Coinbase in approximately 2 hours. This caused the fear that large amounts of BTC would be sold, and inevitably the declines caused even sharper declines.
Such declines have occurred many times in the past in the crypto market. Although I did not expect such a sharp decline, this decline was not surprising to me. It's no surprise to me that some investors sell the news or want to take profits early. Additionally, it would not be surprising for me if Bitcoin starts a new bull run stronger after clearing these sell demands. Frankly, there may be sharper declines in the short term, but I have no doubt that Bitcoin will please its investors in the long term, so I remain bullish.
Thank you for reading
@rtonline
This is not investment advice, just my personal opinions. As with all money markets, anything can happen at any time in the crypto market, so please do your own research before investing.
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it certainly was an interesting day or two ! I agree though, if all this big investment money is now going to flow in regularly, then I would expect it to now go above the $50k mark at some point. Lets see what happens !
Frankly, I believe Bitcoin could hit $50K this month or next month. Also, Bitcoin halving is less than 3 months away, let's see what investors decide.
Completely expected this kind of price action and is why I was sitting out this week letting it play out. I had a feeling that once approval happened, the price would drop because these hedge funds would wan to buy lower. Just let’s me stack more sats.
Frankly, I thought there would be such a decrease, but on the other hand, people's expectations were high, so there was a possibility that the price would increase wildly, but it did not happen. Also, the bitcoin halving is only 90 days away, but I think many people are ignoring it for now.
I was totally expecting a sell the news event exactly like we saw. I don’t know 🤷🏻♂️. When people expect things to happen, they rarely do.
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