While some Bitcoin spot ETFs in the US have seen early trading volumes over $500 million, downside risks for BTC prices still remain, according to analysts. On-chain metrics firm CryptoQuant said metrics suggest the price correction may not be over or a new rally has yet to begin, as large holders continue significant selling. Unrealized profit margins have not fallen enough to exhaust sellers, and short-term traders are still in a risk-off attitude. BTC prices fell over 15% after the ETF launches despite the new products, with outflows from GBTC cited as a pressure factor. Traders note any price strength has been dampened by apparent spot selling near local highs.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block. While some Bitcoin spot ETFs in the US have seen
00:05 early trading volumes over $500 million, downside risks for BTC prices still remain,
00:09 according to analysts. Onchain Metrix firm CryptoQuant said Metrix suggests the price
00:14 correction may not be over or a new rally has yet to begin as large holders continue significant
00:19 selling. Unrealized profit margins have not fallen enough to exhaust sellers,
00:22 and short-term traders are still in a risk-off attitude. BTC prices fell over 15% after the ETF
00:28 launches despite the new products, with outflows from GBTC cited as a pressure factor. Traders know
00:34 any price strength has been dampened by apparent spot selling near local highs. For all things
00:38 money visit Benzinga.com