Bitcoin‘s price has once again surpassed $41,000, with altcoins also seeing gains over 5%. Following the approval of an ETF, BTC exceeded $49,000, but a subsequent surprise selloff of billions of dollars capped further price increases, indicating big investors are taking advantage of the increased demand liquidity.
Data from BitMEX Research indicates a slowdown in GBTC outflows, suggesting a market adjustment as GBTC trades at a neutral premium. The initial sell-offs were expected to be short-lived and are now showing signs of stabilization.
Other ETF issuers continue to attract demand, balancing outflows and potentially leading to a shift towards inflows. Investors might drive prices higher in anticipation of this scenario materializing in the coming days.
Firms like BlackRock, Fidelity, and others have not yet experienced a net outflow day, and with reserves exceeding 113,000 BTC, a positive scenario seems more dominant. ETFs have seen an inflow of $5.53 billion since their first trading day, whereas GBTC has hosted an outflow of $4.79 billion, still resulting in a net positive inflow of approximately $744 million.
Recent market movements have unsettled short positions, with over $66 million in short positions liquidated. JPMorgan analysts suggest that despite the potential for continued sell-off, the market’s balance could indicate a rise. Chris Burniske reiterated his view of a potential new low before a new all-time high, maintaining belief in the long-term trend but cautioning about volatility, with macro risks being a primary concern.