Bitcoin Faces Record ETF Inflows
Is Bitcoin’s dip linked to record ETF inflows with FTX selling over $1 billion since GBTC was uplisted? And GBTC continues to add sell pressure due to high fees.
Adam Back’s Evaluation of ETF Inflows vs Halving Event
Adam Back, the CEO of Blockstream and a well-respected figure in the Bitcoin space, believes ETF inflows could have a 30X larger effect on the market than the upcoming Bitcoin halving on April 18th. According to Back, traditional finance (TradFi) participants are momentum buyers and create a cycle of price increases driving overall market impact.
Fear, Uncertainty, and Doubt (FUD) Impact on Price?
Back says recent drops in Bitcoin prices are due more to FUD (fear, confusion, and doubt) rather than structural net selling. He mentions that there does not seem to be any realistic large net sellers left in the market. People creating fake dips in prices by selling in fear is a recurring issue. Weak hands often time these actions wrong, buying back at higher prices and disrupting the market environment.
Bitcoin’s Positive Future
Despite short-term market fluctuations, the analyst maintains a positive outlook on Bitcoin’s future. The current market data shows Bitcoin trading at $39,248. Adam Back’s analysis shines a light on the significance of ETF inflows and underscores the resilience of Bitcoin’s fundamentals.
Hot Take
Bitcoin is dipping in the face of record ETF inflows? All because FTX is back from the dead and sold over $1 Billion since GBTC was uplisted. And GBTC continues to be the turd in the punchbowl with its high fees causing additional sell pressure. Despite the downturn, this Analyst has given a fresh breeze of Bitcoin’s 30X surge hope.
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