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Cryptocurrency News Articles
Bitcoin ETF Demand Could Surge Amidst BTC Dip, Analyst Says
Mar 25, 2024 at 02:05 pm
Could Demand for Bitcoin ETFs Rise as BTC Dips?
CryptoQuant CEO Ki Young Ju believes demand for spot Bitcoin ETFs could bounce back if BTC's price continues to slide.
Historical Trends Support the Theory
Young Ju notes that historically, demand for Bitcoin ETFs spikes when the cryptocurrency hits certain price points.
Recent Data Points to Outflows
However, BitMEX Research reports negative net flows in spot BTC ETFs, including outflows from the Grayscale Bitcoin Trust ETF.
Whales and ETFs
Young Ju highlights that new BTC whales, particularly ETF buyers, have an on-chain cost basis of $56,000. He expects significant inflows into ETFs if Bitcoin dips to that level.
Possible Further Dip in BTC
Young Ju suggests a potential further correction in BTC, given historical trends that show corrections often result in a 30% drop. This could bring Bitcoin's price down to $51,000 from its recent all-time high of $73,750.
Market Conditions and Halving
Analysts attribute the recent Bitcoin price correction to overheated market conditions and retracement ahead of the upcoming Bitcoin halving event in April.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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- COIN Stock Poised for a Strong Comeback in 2025, Crypto Traders Say
- Nov 01, 2024 at 04:20 pm
- Shares in crypto exchange Coinbase Global Inc (COIN) have experienced its largest significant single-day decline in over two years after its latest earnings missed analyst estimates alongside a stock market plummet.
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- Market Analysts Identify Potential Timeline for the Next XRP Bull Run, Citing Historical Data from Past Bitcoin Halvings
- Nov 01, 2024 at 04:20 pm
- The prediction comes from two market analysts, PharaohX and The Block Bull, both of whom analyzed previous XRP price movements following Bitcoin halvings.
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