Despite the historic first approval of a spot Bitcoin ETF in the US, the cryptocurrency community has not resulted in booming growth.
CryptoQuant is the leading aggregator of on-chain analytics, which warns about selling pressure in the coming days given rising exchange inflows and GBTC movements.
According to CryptoQuant, the Mean Exchange Inflow – which is a major sign of selling pressure in excess of 7-suggesting that there might be some shift towards a bearish trend.
This aligns with the projected conversion of GBTC shares into the new ETF, which may lead to an increase in supply of Bitcoin.
Technically, Bitcoin is around $43k at the moment after a slight increase of 1% in the last day. For weeks, it has been consolidating in a tight range between $40k and $44k but when an ETF was approved, it touched $48K but was not able to hold for long.
A weekly close above 44,500 could lead to a bullish movement while dropping below $ 40,000 may cause further downswing. The upcoming days and weeks will hold much significance as far as the future of Bitcoin following the ETF is concerned.
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