"Bitcoin (BTC) ETF, Last Week's Sell-off Temporary... Institutional Buying Expected to Strengthen"
JH Kim
Summary
- According to an on-chain analysis firm, there was a sell-off worth $1 billion related to the Bitcoin ETF last week.
- On Friday, 3,100 BTC were purchased, indicating that the strong buying pressure persists.
- As Trump's inauguration approaches, institutional buying pressure is expected to strengthen further.
On the 6th (local time), the X (formerly Twitter) account Negentropic, run by Glassnode co-founders Yann Hafel and Yann Allemann, reported that "over 10,800 BTC worth more than $1 billion were sold in relation to the Bitcoin (BTC) Exchange-Traded Fund (ETF) last week, and 3,100 BTC were bought on Friday."
They added, "The sell-off was due to seasonal factors, and the buying pressure remains strong," and "as Trump's inauguration approaches, the buying pressure from traditional financial investors is expected to strengthen further."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.