Bitcoin (BTC) price has topped $42,000 for the first time in nearly seven days as the market recovers from the aftermath of the spot Bitcoin exchange-traded fund (ETF)-related decline.
Cointelegraph Markets Pro and TradingView shows that Bitcoin rose rapidly from its January 26 price of $39,545 to trade at $41,973, up 5%.
Bitcoin’s price performance comes as the market is experiencing a slowdown in outflows to Grayscale’s GBTC Spot ETF.
BitMEX Research Data show GBTC outflows on January 25th were $394.1 million, down from $429.3 million on January 24th and $515.3 million on Tuesday, January 23rd.
Although GBTC outflows remain very high, the January 25th figure was the second lowest since January 11th, when spot Bitcoin ETF trading began.
Bitcoin Spot ETF Flow – Day 10
Data output for all providers
Net outflow on day 10 was $80 million pic.twitter.com/iFa1KTOk4t
— BitMEX Research (@BitMEXResearch) January 26, 2024
Bloomberg ETF senior analyst James Seifert posted a graph on “It's a beautiful sight,'' he said.
Shrinking arbitrage bands…a beautiful sight. The US ETF ecosystem is doing its part. https://t.co/g26kGMP4cA
— Eric Balchunas (@EricBalchunas) January 26, 2024
Independent market analyst Yakuza said that BTC has successfully set a trap for the bears who are trying to push the price to $32,000. Yakuza added, “The late shorts have already been liquidated or are about to be liquidated.”
#bitcoin The trap was successfully installed.
Late-stage shorts have already been liquidated or are about to be liquidated.
Never go against the mafia.
No matter what the market conditions are, follow and follow to profit.$BTC https://t.co/NUuJwmkTAx pic.twitter.com/6hR3jZGlke— Yakuza (@YakuzaInCrypto) January 26, 2024
Related: Crypto executive predicts BTC price of $20,000 will be 'moderate to low' before hitting new all-time high
Consistent with Yakuza observations, data from CoinGlass show Bitcoin short positions liquidated on the day exceeded $34.3 million, and that amount is expected to increase by the end of the day. Short interest between cryptocurrencies reached over $77 million.
Current market trends have caused optimism among crypto investors and traders who expect Bitcoin prices to benefit from the long-term impact of spot Bitcoin ETF trading. ing.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
