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The proposed reason for the price drop is that an approved ETF could become a major competition for institutional investment for the world’s largest traded cryptocurrency fund, Grayscale’s Bitcoin Trust (GBTC).
The strategists, led by Nikolaos Panigirtzoglou, asserted that the ETF would eat at Grayscale Trust’s effective monopoly, trigger outflow of funds, and cause a drop in the net asset value. This decline will inadvertently strengthen BTC bears in the short-term.
The strategists noted that “a cascade of GBTC outflows and a collapse of its premium would likely have negative near-term implications for Bitcoin given the flow and signaling importance of GBTC.”
VanEck Associates recently filed for a Bitcoin ETF with the SEC after getting turned down from their previous effort. That said, the possibility of a BTC ETF gaining approval this time around seems very likely considering that the leadership at the SEC has been changed to a more cryptocurrency-accommodative Chairman.
Meanwhile, Grayscale recently tweeted that its assets under management have dropped by 13.7% from its record high of over $28 billion as a result of the recent bear market.
According to its latest tweet, the assets under management figure for Grayscale has declined by 13.7% from its record high of over $28 billion late last week.
Key BTC Levels to Watch — January 12
Bitcoin is now effectively in recovery from its recent crash to the $30k support. At press time, BTC is trading above the $35k, as it aims to climb back above its trendline. Meanwhile, the cryptocurrency is trading well within a wedge, indicating that a spike—in either direction—is just around the corner.
However, it’s most likely that the spike occurs to the upside in the coming hours or days. On the other hand, a drop to the downside should get effectively repelled by the $30k support.
Meanwhile, our key resistance levels are at $36,000, $37,827, and $39,800. While our key support levels are at $34,474, $32,000 and $30,000.
Total Market Capitalization: $940 billion
Bitcoin Market Capitalization: $640 billion
Bitcoin Dominance: 68%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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