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Day 3 after BTC spot ETF listing; not the market we expected?


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Before the approval of the BTC spot ETF by SEC, everyone in the crypto space was expecting a bull run hinging their expectations on the wider adoption of BTC and the asset being in high demand leading to a hike in price. But little did we know that institutional owners and big whales have already transferred a lot of these BTC holdings to their wallets waiting for the listing to sell off for a profit. With Coinbase serving as asset custody for about 90% of listing institution, there was always a pointer that market could dump depending on the activities of whales on the exchange and at this rate the exchange could run out of their BTC reserve if demands and sales continues at this rate tho. That didn't disappoint either as reported BTC sales after 24 hours of BTC spot ETF going live for the approved 11 trading firm, stood at $7B. That alone is enough to cause a major dump in the price of BTC as witnessed yesterday.

Although most analyst are of the opinion that this is expected and that as soon as the volume of ETF trades increases tremendously and demand is on the high, institution will still need to acquire more BTC to seed with their product leading to a spike in price of the asset. Also, with the halving less than 100 days from now, there's belief that supply may dry up and inevitably result in another bull since the buy pressure will be 2-way - one from the ETF offering institutions and from the crypto buyers needing for other usecases.

But another interesting theory to the drop in price is that analyst are of the view that most BTC holders are shifting funds from BTC to ETH further explaining why the Ethereum ecosystem is buzzing atm with a spike in price to ~$2,700 earlier today. A lot of tokens in the ecosystem have witnessed a price jump especially METIS, ARB and OP.

But all these begs the question, "what is the appropriate action right now?". Some crypto experts are saying trading is the best play right now while some believe it's the right time to buy the dip. What is your take?

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On 08/01/2024 at 19:39, Wakanda said:

2023 provided lots of mixed feelings especially from Q1-Q3 but the Q4 saw lots of sparkles as investors and traders alike who were hoping BTC could close the year at $35k saw the mother of crypto touch down $44.5k before the close of 2023. For me $SOL and BRC-20 tokens like $ORDI and $SAT gave me the surprise of my life. Am sure am not the only one in this category.

While I was assessing my gains and losses and strategizing on how to navigate through 2024, I came across an article from Gracy Chen, the M.D of Bitget highlighting the challenges and victories of 2023 while expressing her Optimism for the year 2024 especially with the possible approval of the blackrock Bitcoin spot ETF and I share her sentiment that 2024 could be another year for the moon boys. 

I feel like going all in with my funds in preparation but am still a bit skeptical of unforseen circumstances, what are your thoughts? Do you think BTC could hit a record high of $100k as predicted by many analysts or one should thread with caution. Share your insights.

 

On 13/01/2024 at 18:29, BashJasper said:

Before the approval of the BTC spot ETF by SEC, everyone in the crypto space was expecting a bull run hinging their expectations on the wider adoption of BTC and the asset being in high demand leading to a hike in price. But little did we know that institutional owners and big whales have already transferred a lot of these BTC holdings to their wallets waiting for the listing to sell off for a profit. With Coinbase serving as asset custody for about 90% of listing institution, there was always a pointer that market could dump depending on the activities of whales on the exchange and at this rate the exchange could run out of their BTC reserve if demands and sales continues at this rate tho. That didn't disappoint either as reported BTC sales after 24 hours of BTC spot ETF going live for the approved 11 trading firm, stood at $7B. That alone is enough to cause a major dump in the price of BTC as witnessed yesterday.

Although most analyst are of the opinion that this is expected and that as soon as the volume of ETF trades increases tremendously and demand is on the high, institution will still need to acquire more BTC to seed with their product leading to a spike in price of the asset. Also, with the halving less than 100 days from now, there's belief that supply may dry up and inevitably result in another bull since the buy pressure will be 2-way - one from the ETF offering institutions and from the crypto buyers needing for other usecases.

But another interesting theory to the drop in price is that analyst are of the view that most BTC holders are shifting funds from BTC to ETH further explaining why the Ethereum ecosystem is buzzing atm with a spike in price to ~$2,700 earlier today. A lot of tokens in the ecosystem have witnessed a price jump especially METIS, ARB and OP.

But all these begs the question, "what is the appropriate action right now?". Some crypto experts are saying trading is the best play right now while some believe it's the right time to buy the dip. What is your take?

For me i will keep DCA'ing while leveraging on the vast elite traders on bitget copy trading platform to continue trading and boost my equity

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On 13/01/2024 at 19:29, BashJasper said:

Before the approval of the BTC spot ETF by SEC, everyone in the crypto space was expecting a bull run hinging their expectations on the wider adoption of BTC and the asset being in high demand leading to a hike in price. But little did we know that institutional owners and big whales have already transferred a lot of these BTC holdings to their wallets waiting for the listing to sell off for a profit. With Coinbase serving as asset custody for about 90% of listing institution, there was always a pointer that market could dump depending on the activities of whales on the exchange and at this rate the exchange could run out of their BTC reserve if demands and sales continues at this rate tho. That didn't disappoint either as reported BTC sales after 24 hours of BTC spot ETF going live for the approved 11 trading firm, stood at $7B. That alone is enough to cause a major dump in the price of BTC as witnessed yesterday.

Although most analyst are of the opinion that this is expected and that as soon as the volume of ETF trades increases tremendously and demand is on the high, institution will still need to acquire more BTC to seed with their product leading to a spike in price of the asset. Also, with the halving less than 100 days from now, there's belief that supply may dry up and inevitably result in another bull since the buy pressure will be 2-way - one from the ETF offering institutions and from the crypto buyers needing for other usecases.

But another interesting theory to the drop in price is that analyst are of the view that most BTC holders are shifting funds from BTC to ETH further explaining why the Ethereum ecosystem is buzzing atm with a spike in price to ~$2,700 earlier today. A lot of tokens in the ecosystem have witnessed a price jump especially METIS, ARB and OP.

But all these begs the question, "what is the appropriate action right now?". Some crypto experts are saying trading is the best play right now while some believe it's the right time to buy the dip. What is your take?

With all these happenings, I'd suggest we BTFD cos the halving is around the corner which is another good factor that would create a boost in price. I already have a DCA in play at bitget alongside utilizing their Smart Portfolio Bot.

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On 16/01/2024 at 05:26, gandalf03 said:

With all these happenings, I'd suggest we BTFD cos the halving is around the corner which is another good factor that would create a boost in price. I already have a DCA in play at bitget alongside utilizing their Smart Portfolio Bot.

Only having won't kickstart the bull run.Blackrock/Fedality or some big players will do that most likely.

 

Recently LTC went through having but look at the price!!,

IMG_20240120_085443.jpg

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On 15/01/2024 at 20:24, XTRAVAGANZA said:

 

For me i will keep DCA'ing while leveraging on the vast elite traders on bitget copy trading platform to continue trading and boost my equity

Copy trading is a cool feature if you're doing it carefully. Like, following a good elit trader is the only way one can make it through copy trading. Yup, no doubt, Bitget's copy trading feature is top notch .

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