As the ETF adjustment deepens, Bitcoin falls back to $40000



Jan 19, 2024

Cryptocurrencies plummeted on Thursday, with Bitcoin falling back to $40000.


According to Coin Metrics, the latest trading price fell 3.6% to $41167.14. Previously, it fell to $40601.37, the lowest level since December 18th.

In recent days, while Bitcoin has been in trouble, it has also received a boost, but has also experienced a decline. Finally, it fell 3% to $2448.41. Other parts of the cryptocurrency market are also generally being dragged down.

The trend of Bitcoin also puts pressure on cryptocurrency related stocks. Coin Vault

And micro strategies

As of the trading day, it fell by 7% and 2% respectively. Miner CleanSpark

And marathon numbers

The decline of each platform exceeds 6%, while the Riot platform

Iris Energy fell 5%

Fall by 8%.

Julio Moreno, research director of cryptoQuant, a crypto data provider, said, “We are still in the revision phase after the launch of the ETF.”

“Against the backdrop of a safe haven attitude, short-term traders and large Bitcoin holders are still selling heavily,” he added. In addition, the unrealized profit margin has not yet decreased to the point where sellers are exhausted.

Moreno added that the unrealized profits of short-term holders have dropped from 48% in December to around 16% this week, but may need to fall below 0% to officially declare Bitcoin prices bottoming out.

In addition, he stated that Bitcoin traffic on derivatives exchanges has stopped growing – a trend that had previously foreshadowed a bear market or price adjustment.

Since the US Securities and Exchange Commission approved Bitcoin ETFs to start trading in the US on January 10th, Bitcoin has now fallen by about 12%. Chart analysts warn that although its long-term upward trend remains unchanged, it may continue to rise further. Fall. Wolf’s Rob Ginsburg suggests that this may just be the beginning of the disappointing first quarter of this year.

Moreno had previously predicted that the decision correction after the ETF may lower Bitcoin to $36000.

Cryptocurrencies have fallen by about 3% this year. At the end of 2023, it increased by 157%.

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