By: Eva Baxter
Bitcoin bounced back past the $40,100 mark on Jan. 24, 2024 amidst the continuing scenario of GBTC outflows moving 19,236 BTC out of the fund. Data analysis showed that the GBTC outflows offset inflows into various other spot Bitcoin ETFs. This pattern results in reducing the overall spot Bitcoin inflows to just $982.9 million according to ETF analyst.
During a period of about five hours, Bitcoin was valued at less than $40,000, even dipping as low as $39,563 once. The crypto market as a whole has risen by 1.8% over 24 hours. Leading assets such as Solana, Dogecoin, Avalanche have also seen gains while Ethereum, BNB, and Cardano have remained relatively stable with minimal change.
This market flux saw 37,063 trader liquidations, worth $105.6 million with $39.11 million involved Bitcoin and $23.75 million involved Ethereum. The investor sentiment resulting from fading hype around spot Bitcoin ETFs may also impact prices alongside other developments.
Analysts suggest a direct correlation between the increase of Bitcoin supply in the market and a subsequent reduction in prices. Therefore, transactions such as the GBTC outflows have significant impacts on the market.
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