{"id":69649,"date":"2024-01-24T04:20:36","date_gmt":"2024-01-24T08:20:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=69649"},"modified":"2024-01-24T04:20:39","modified_gmt":"2024-01-24T08:20:39","slug":"bitcoin-etfs-accumulate-100k-btc-amid-price-correction","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-etfs-accumulate-100k-btc-amid-price-correction\/","title":{"rendered":"Bitcoin ETFs Accumulate 100K BTC Amid Price Correction\ufffc"},"content":{"rendered":"\n

Despite the ongoing price correction, nine new spot Bitcoin ETFs<\/a> have amassed over 100,000 BTC, worth $4 billion. BitMEX CEO Arthur Hayes and crypto analyst Ali Martinez share their bearish views on the market.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Nine new spot Bitcoin ETFs, which launched in the US and Canada in October 2023, have accumulated over 100,000 BTC, valued at $4 billion, according to data from CryptoCompare.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> These ETFs allow investors to gain exposure to Bitcoin without having to buy or store the cryptocurrency directly.<\/p>\n\n\n\n

BlackRock\u2019s IBIT<\/strong> leads the pack with 40,213 BTC, followed by Invesco\u2019s BITO<\/strong> with 24,676 BTC and ProShares\u2019 BTO<\/strong> with 18,983 BTC. The other six ETFs hold between 2,000 and 10,000 BTC each.<\/p>\n\n\n\n

The impressive growth of these ETFs shows the strong demand for Bitcoin among institutional and retail investors. The world\u2019s largest cryptocurrency, Bitcoin (BTC), sees selling pressure, with the BTC price dropping another 1.5% to\u00a0$39,677<\/strong>\u00a0as of press time. Some on-chain indicators suggest that the BTC price could drop another 10-15 % <\/strong>from here onwards.<\/p>\n\n\n\n

BitMEX CEO Arthur Hayes Expects 30% Decline<\/h3>\n\n\n\n

In a recent statement, BitMEX CEO Arthur Hayes shared <\/use><\/svg><\/span><\/a>his insights on the Bitcoin market, projecting a potential 30% decline from the high of $48,000 reached following ETF approval. Hayes believes that the cryptocurrency could find support within the range of $30,000 to $35,000.<\/p>\n\n\n\n

Taking a cautious approach, Hayes disclosed that he acquired March 29, 2024, $35,000<\/strong> strike puts, expressing his readiness for a possible downturn in the market. Additionally, he revealed the strategic move of liquidating his trading positions in Solana and Bonk at a marginal loss.<\/p>\n\n\n\n

In the event that Bitcoin drops below the $35,000 threshold, Hayes outlined his plan to engage in opportunistic buying, particularly focusing on accumulating positions in Solana and $WIF.<\/p>\n\n\n\n

Hayes expressed a bearish sentiment regarding Bitcoin\u2019s current outlook, stating that it appears \u201cmad heavy,\u201d<\/em> and he anticipates a breach of the $40,000 level. <\/p>\n\n\n\n

His strategic move of going long on a $35,000 strike puts for March 29, 2024, aligns with his expectation of a market downturn, which he correlates with the US Treasury quarterly refunding announcement scheduled for January 31, 2024.<\/p>\n\n\n\n

Crypto Analyst Ali Martinez Sees Historical Pattern<\/h3>\n\n\n\n

In a recent analysis, prominent crypto analyst Ali Martinez<\/use><\/svg><\/span><\/a> delved into historical trends in Bitcoin (BTC) price movements, specifically focusing on patterns observed during previous bull cycles.<\/p>\n\n\n\n

Martinez highlighted a recurrent behavior where Bitcoin tends to retrace to the 50% Fibonacci level after hitting the 78.6% Fibonacci level in the aftermath of the last two bull cycles. <\/p>\n\n\n\n

Drawing parallels to the current market scenario, BTC has once again reached the 78.6% Fibonacci level, signaling a potential correction in the near term. <\/p>\n\n\n\n

According to this pattern, Martinez suggests a plausible scenario where Bitcoin could experience a drop to $32,700, aligning with the 50% Fibonacci retracement level. Martinez outlined the historical transitions from capitulation to hope, optimism, and belief, expanding on the broader sentiment cycle for Bitcoin. <\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

Following this cycle, a phase of anxiety typically ensues, characterized by a price correction. Notably, the analysis points to the ongoing 20%<\/strong> correction in BTC as part of this recurring pattern.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the ongoing price correction, nine new spot Bitcoin ETFs have amassed over 100,000 BTC, worth $4 billion. BitMEX CEO Arthur Hayes and crypto analyst Ali Martinez share their bearish views on the market. Nine new spot Bitcoin ETFs, which launched in the US and Canada in October 2023, have accumulated over 100,000 BTC, valued […]<\/p>\n","protected":false},"author":44,"featured_media":69651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,76],"tags":[18021,18020,1613,18019],"class_list":["post-69649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-bitcoin-price","tag-ali-martinez","tag-authur-hayes","tag-bitcoin-etf","tag-btc-price-correlation"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/Arthur_Hayes.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/69649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=69649"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/69649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/69651"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=69649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=69649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=69649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}