Bitcoin Hits $52,000 High: Are These Giant Sell-Offs About To Crash The Crypto Party?
16 Février 2024 - 3:00AM
NEWSBTC
According to a recent report from Spot On Chain, Bitcoin might be
on the edge of a notable plunge. So far, the flagship
cryptocurrency has recently broken through the $52,000 mark and
traded above it for the first time since December 2021. However,
Spot On Chain reveals that Bitcoin faces potential challenges that
could affect its immediate market performance. Two significant
sell-off events loom on the horizon, potentially influencing
Bitcoin’s price dynamics in the short term. These developments have
sparked speculation, prompting a closer examination of their
possible impacts on the cryptocurrency market. Related Reading:
Bitcoin’s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst
Warns Major Bitcoin Sell-Off Events On The Horizon The first of
these events involves Genesis, a prominent crypto asset manager
authorized to offload a significant portion of its Grayscale
Bitcoin Trust (GBTC) shares. The second event is marked by the US
government’s announcement to sell some of its Bitcoin holdings
acquired from the Silk Road platform. Genesis has received approval
to sell 35 million GBTC shares, estimated to be worth around $1.3
billion. This occurrence mirrors an earlier liquidation event
involving FTX, which notably impacted Bitcoin’s market price,
illustrating the potential volatility such moves can introduce. It
is worth noting that the upcoming Genesis sell-off represents a
significant moment for Bitcoin, as it tests the resilience of its
recent price gains against the backdrop of large-scale disposals.
The #Bitcoin price has been on the rise for the past 7 days and
finally broke the $52K mark again after 2 years! However, there are
two impending big threats to the short-term $BTC price. Can it
overcome? 1. #Genesis was approved to sell 35M Grayscale Bitcoin
Trust shares… pic.twitter.com/Qn7wbQXaDa — Spot On Chain
(@spotonchain) February 15, 2024 The US government’s decision to
auction off 2,875 BTC, valued at $150.6 million, adds to the
market’s cautious outlook. With the government holding one of the
largest Bitcoin reserves globally, its actions have a marked
influence on market perceptions and the cryptocurrency’s price
stability. Spot On Chain highlighted historical instances, such as
the sale of 8.2K BTC through Coinbase, which have shown that
government sell-offs can temporarily lead to fluctuations in
Bitcoin’s price. Optimism Amid Uncertainty Despite these concerns,
certain segments of the crypto community view these events as minor
hurdles in the broader trajectory of Bitcoin’s growth. Non event…
ETFs buying in 300-500m a day lol — Cryptamurai 🛸 I County Capital
(@cryptamurai) February 15, 2024 Notably, the increasing
involvement of Bitcoin spot exchange-traded funds (ETFs) in the
Bitcoin market suggests a growing institutional interest that could
offset the effects of the sell-offs. Related Reading: Bitcoin ETF
Surges: Last 4 Days Inflows Outpace Initial Weeks CryptoQuant has
recently highlighted that roughly 75% of new investments into
Bitcoin are coming from spot ETFs. This is quite evident as BitMex
research reported that the Bitcoin spot ETF market saw an inflow of
over $340 million yesterday. Bitcoin Spot ETF Flow – 14th Feb 2024
All data in. Another strong day, with +$340m net flow for all the
Bitcoin ETFs pic.twitter.com/xy7t1hGhyw — BitMEX Research
(@BitMEXResearch) February 15, 2024 Featured image from Unsplash,
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