With the approval of Bitcoin ETF's in the US, many were expecting to see the gains in Bitcoin's price to continue, but despite optimistic forecasts that the long-awaited ETFs would trigger a bitcoin price surge, the opposite happened - now we're learning why. The Grayscale Bitcoin Trust (GBTC) was among those receiving ETF approval, so they converted their 'Trust' account into an ETF on January 11. Now that FTX has sold its full position, pressure to sell may greatly decrease, bringing back the bull market. While heavy selling by FTX's bankruptcy estate seems to be a significant contributor to bitcoin's price drop since the launch of US ETFs. With FTX having exited its position, some analysts think the selling pressure could now subside. But for now, bears remain in control of the bitcoin price.
0 Comments
Leave a Reply. |