Is it worth it or not? BTC Miners and Traders Prepare for Bitcoin ETF Trading
Bitcoin (BTC) failed to break out of the territory established in the so-called “ETF day”, but traders and miners are busy.
Exchange data shows that January 10 saw significant BTC movements before and after the day's events.
The exchange frenzy comes with the approval of the Bitcoin ETF
BTC price targets centered on $48,000 on the day the United States received its first position on a Bitcoin exchange-traded fund (ETF).
Bitcoin may have been in a downward spiral, but exchange statistics show that behind the scenes, no one is taking any chances.
As Gaah, a contributor to analytics platform CryptoQuant, put it, even Bitcoin miners were protecting themselves from volatility.
“~10k BTC Net Income to Miners' Wallets Before Official Acceptance of Bitcoin Spot ETF,” commented one chart uploading to X (formerly Twitter).
“A net flow of ~9.5k BTC in miners' wallets after the last price peak was approved.”
That flow of spending simply feeds the downward trend in 2024's largest net decline in CryptoQuant and miners' BTC balances.
Elsewhere, on-chain analytics firm Glassnode acknowledged a general slowdown in business among mobile users.
On January 10, the volume of transactions included in the currency exchange may reach a new high of more than 78%. On January 9, it reached an unusually high level.
Glassnode commented on X that “exchange activity remains at 76.4% of Bitcoin flowing on-chain, just shy of ATH's 77.4%.”
Bitcoin ETF “In the Value?” Not very fast
As far as price ranges go, meanwhile, renowned analyst British HODL looked at the near-term and long-term futures for bullish signs.
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ETF trading begins on January 11, which means the associated capital inflows – albeit large – have yet to begin.
“Just because the price hasn't changed yet doesn't mean it's ‘sold out,'” he told X subscribers.
“We could cut the price in half – if the price was the same now and then, I'd say we'd be paid.
The British HODL cited the event of halving the April block subsidy payable in April. According to Cointelegraph, some believe that $48,000 may last until then.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
