On January 11th, known as ETF Day, Bitcoin experienced a notable surge with the opening of Wall Street, trading at $48,468, marking a 3.8% increase in the last 24 hours. The day’s trading volume records were shattered, raising questions about what to expect going forward.
The approval of the United States’ first spot Bitcoin exchange-traded fund (ETF) has set a price target for Bitcoin at the $50,000 level. Despite trading below this, market statistics reveal a strategic approach behind the scenes.
According to analyst Gaah from CryptoQuant, Bitcoin miners have taken measures against volatility. Prior to the ETF product’s official approval, miners’ wallets saw a net inflow of 10,000 Bitcoin, followed by a net outflow of 9,500 Bitcoin after the price peak.
This outflow marked the largest net decrease to date for the year 2024, highlighting a current downtrend in miners’ Bitcoin holdings, as reported by CryptoQuant.
Glassnode, a blockchain data analysis firm, pointed out frenzied trading activity among exchange users. On January 10th, transaction volume by exchanges might have reached a new high of over 78%. British HODL, a popular commentator, emphasized the upcoming halving event in April, which will reduce the mining reward by 50% to 3.125 Bitcoin per block, as a potential catalyst for future price movements.
