For crypto market analysts, the lack of enthusiasm for the main cryptocurrency after the approval of exchange-traded funds (ETFs) in the US is surprising.
Stability and low activity persist in the cryptocurrency market, with total capitalization remaining practically unchanged (-0.05%) in the last 24 hours. As he Bitcoin (BTC) as the Ethereum (ETH) show moderate falls, standing at US$45,800 and US$2,600, respectively.
It is surprising the lack of enthusiasm of the main cryptocurrency after the approval of exchange-traded funds (ETF) in the United States. Although BTC initially reached close to US$49,000, marking highs since December 2021, This joy was short-lived and the token fell below $46,000a level at which it has remained in recent sessions.
The fall of BTC also affected other cryptocurrencies such as Solana (SOL), cardano (ADA), Avalanche (AVAX) and Dogecoin (DOGE), as well as several crypto companies on the stock market, including a loss of more than 6% on Coinbase and falls greater than 10% in bitcoin miners such as Marathon Digital and Riot Platforms.
Data from Yahoo Finance reveals that the approved ETFs moved a total volume of $4.5 billion, including BlackRock, Grayscale and Fidelity. the leaders in these investments. However, the discount at which Grayscale Bitcoin Trust (GBTC) securities were trading, which reached 2021 lows, could have caused price imbalances, with liquidations exceeding $225 million in the last 24 hours according to Coinglass.
Bitcoin ETF: the data analyzed by the market
These movements have not dispelled the doubts of some investors, since the market evaluates the interest generated by these new investment products. Although there is a possibility of a new attempt to rise above US$48,000, some analysts anticipate taking profits until the market is more clearly defined.
In general, Prevailing opinion suggests that Bitcoin and the market as a whole will go through a period of consolidation in the coming weekswith volatility remaining at current levels.
Despite short-term uncertainty, optimism endures in the medium term. Many experts trust that these investment products will boost the price of Bitcoinalso supported by events such as the ‘halving’ scheduled for April and expectations of interest rate cuts by the main global central banks.
On the other hand, Ethereum (ETH) retains its strength despite recent declines. Investor interest is focused on this main ‘altcoin’, with speculation that it could be the next cryptocurrency to receive a spot exchange-traded fund around May.
Source: Ambito
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