Recall that spot Bitcoin ETFs began trading on January 11. In the first minutes of the launch, the price of BTC briefly rose to $49 thousand. After a short period of time, the price of the coin dropped to $ 40 thousand.
BTC is currently trading at its lowest price since early December. At the same time, spot products demonstrate cash inflows. BlackRock (IBIT) and Fidelity (FBTC) increased assets by $1 billion in a week.
The decline of Bitcoin price can also be compared with the multibillion-dollar outflow of funds from the GBTC Grayscale product. Investors take profits or switch to other cheaper instruments. In addition to the outflow of funds from GBTC, money came out of pre-existing BTC spot exchange products in Europe and Canada, as well as futures ETFs, including ProShares (BITO).
10x Research reported in a report that the Bitcoin market trend turned bearish for the first time since October 2. At that time, the value of the coin was $27 thousand. The main thesis of 10x for the first quarter of 2024 was that any ETF rally would be fake and the price of Bitcoin would drop to $38 thousand by March. At the moment, the forecast is coming true ahead of schedule.