{"id":569318,"date":"2024-01-13T00:00:24","date_gmt":"2024-01-13T00:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=569318"},"modified":"2024-06-11T08:00:48","modified_gmt":"2024-06-11T08:00:48","slug":"bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off\/","title":{"rendered":"The Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off"},"content":{"rendered":"

A notable shift in market sentiment has recently been observed, particularly around the Bitcoin spot Exchange-Traded Funds (ETF) narrative. YouTube analyst Crypto Banter, in a recent analysis, suggests<\/a> that the initial excitement surrounding Bitcoin spot ETFs is waning<\/a>, leading to a change in investor behavior.<\/p>\n

According to Crypto Banter, despite significant trading volumes in spot Bitcoin ETFs, which totaled $4.6 billion with Grayscale (GBTC) leading the pack, there\u2019s more than meets the eye.<\/p>\n

Related Reading: PlanB\u2019s Triple Bitcoin Forecast: A Pre-Halving Surge, Post-ETF Rally, And Monumental Peak Ahead<\/a><\/div>\n

Analyst Predicts Pullback Amid Local Top Signs<\/h2>\n

A deeper look into the analyst’s video reveals that GBTC’s sales are primarily attributed to its higher fees and the locking up of “older Bitcoin,” indicating minimal new inflows. According to the analyst, this lack of new capital could trigger market apprehension, leading to a sell-off.<\/p>\n

The analyst\u2019s technical and fundamental analysis points to signs of a local top forming, with particular reference to the CME Bitcoin Futures launch. However, the analyst clarifies that this does not signal a cycle top or the wrap of the bull run but suggests a possible pullback in the meantime, as indicated by BTC’s daily candle close.<\/p>\n

The analyst noted in the video:<\/p>\n

The trend is still very much towards the upside but as soon as price starts to break down below [the] key levels we’re probably going lower $38,000 and then $30,000 next.<\/p><\/blockquote>\n

Looking at the bigger picture, the upcoming Bitcoin halving, set to occur later in April, is expected to propel demand and, consequently, the price of Bitcoin, according to the analyst.<\/p>\n

The analyst further acknowledges that while the market has witnessed a significant upward trend, these have been interspersed with substantial corrections, some as severe as 40%. While a correction of this magnitude isn\u2019t forecasted<\/a>, the analyst suggests a pullback in the 20-30% range is plausible.<\/p>\n

Behind Bitcoin Bearish Turn<\/h2>\n

Bitcoin has shown bearish price action<\/a>, decreasing by 5% in the last 24 hours, with a trading price of $43,791. This downturn follows a recent spike above $48,000, spurred by the live trading of spot Bitcoin ETF trading in the United States<\/a> on Thursday.<\/p>\n

\"BTC
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Dan Ripoll, managing director at Swan Bitcoin, sheds light on the current price dynamics<\/a>, attributing them to the time brokerage firms\u2019 compliance departments took to approve new products. Ripoll adds<\/a> that large broker-dealers like Vanguard, UBS, Citi, and Merrill Lynch have restricted or completely disallowed their retail clients from purchasing spot Bitcoin ETFs.<\/p>\n

Vanguard\u2019s decision to prevent its customers from investing in the new BTC Spot ETFs, citing<\/a> a misalignment with their “investment philosophy,” is pivotal in adopting Bitcoin ETFs.<\/p>\n

This stance by the world’s second-largest asset manager, behind BlackRock, adds complexity to the spot Bitcoin ETF landscape. Ripoll expresses surprise at such ideological resistance, predicting a loss of customers for these firms due to this approach.<\/p>\n

Matt Dines, Chief Investment Officer at Build Asset Management LLC, points out another fact: the capital from the day’s spot ETF volume has yet to impact the fund portfolio managers’ activities.<\/p>\n

Related Reading: Bitcoin Price Stalls At $46,000 Despite Record ETF Day: Here\u2019s Why<\/a><\/div>\n

Dines mentioned that most creation orders from the day’s flows will only be settled the next morning, meaning the capital driving the current market hasn’t begun influencing the offers in the UTXO market yet. Notably, this delay could imply that the full effect of the spot ETF trading is yet to manifest in the market.<\/p>\n

\n

The dollars behind today\u2019s spot ETF volume haven\u2019t even hit the fund portfolio managers\u2019 desks yet.<\/p>\n

Most create orders behind today\u2019s flows will get cash settled tomorrow morning T+1 \u2026 i.e. the capital behind today\u2019s wave hasn\u2019t even started lifting offers in the UTXO market. https:\/\/t.co\/N9y4Tyod92<\/a><\/p>\n

\u2014 Matt Dines (@BuildCIO) January 11, 2024<\/a><\/p><\/blockquote>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

A notable shift in market sentiment has recently been observed, particularly around the Bitcoin spot Exchange-Traded Funds (ETF) narrative. YouTube analyst Crypto Banter, in a recent analysis, suggests that the initial excitement surrounding Bitcoin spot ETFs is waning, leading to a change in investor behavior. According to Crypto Banter, despite significant trading volumes in spot Bitcoin ETFs, which totaled $4.6 billion with Grayscale (GBTC) leading the pack, there\u2019s more than meets the eye. Related Reading: PlanB\u2019s Triple Bitcoin Forecast: A Pre-Halving Surge, Post-ETF Rally, And Monumental Peak Ahead Analyst Predicts Pullback Amid Local Top Signs A deeper look into the analyst’s video reveals that GBTC’s sales are primarily attributed to its higher fees and the locking up of “older Bitcoin,” indicating minimal new inflows. According to the analyst, this lack of new capital could trigger market apprehension, leading to a sell-off. The analyst\u2019s technical and fundamental analysis points to signs of a local top forming, with particular reference to the CME Bitcoin Futures launch. However, the analyst clarifies that this does not signal a cycle top or the wrap of the bull run but suggests a possible pullback in the meantime, as indicated by BTC’s daily candle close. The analyst noted in the video: The trend is still very much towards the upside but as soon as price starts to break down below [the] key levels we’re probably going lower $38,000 and then $30,000 next. Looking at the bigger picture, the upcoming Bitcoin halving, set to occur later in April, is expected to propel demand and, consequently, the price of Bitcoin, according to the analyst. The analyst further acknowledges that while the market has witnessed a significant upward trend, these have been interspersed with substantial corrections, some as severe as 40%. While a correction of this magnitude isn\u2019t forecasted, the analyst suggests a pullback in the 20-30% range is plausible. Behind Bitcoin Bearish Turn Bitcoin has shown bearish price action, decreasing by 5% in the last 24 hours, with a trading price of $43,791. This downturn follows a recent spike above $48,000, spurred by the live trading of spot Bitcoin ETF trading in the United States on Thursday. Dan Ripoll, managing director at Swan Bitcoin, sheds light on the current price dynamics, attributing them to the time brokerage firms\u2019 compliance departments took to approve new products. Ripoll adds that large broker-dealers like Vanguard, UBS, Citi, and Merrill Lynch have restricted or completely disallowed their retail clients from purchasing spot Bitcoin ETFs. Vanguard\u2019s decision to prevent its customers from investing in the new BTC Spot ETFs, citing a misalignment with their “investment philosophy,” is pivotal in adopting Bitcoin ETFs. This stance by the world’s second-largest asset manager, behind BlackRock, adds complexity to the spot Bitcoin ETF landscape. Ripoll expresses surprise at such ideological resistance, predicting a loss of customers for these firms due to this approach. Matt Dines, Chief Investment Officer at Build Asset Management LLC, points out another fact: the capital from the day’s spot ETF volume has yet to impact the fund portfolio managers’ activities. Related Reading: Bitcoin Price Stalls At $46,000 Despite Record ETF Day: Here\u2019s Why Dines mentioned that most creation orders from the day’s flows will only be settled the next morning, meaning the capital driving the current market hasn’t begun influencing the offers in the UTXO market yet. Notably, this delay could imply that the full effect of the spot ETF trading is yet to manifest in the market. The dollars behind today\u2019s spot ETF volume haven\u2019t even hit the fund portfolio managers\u2019 desks yet. Most create orders behind today\u2019s flows will get cash settled tomorrow morning T+1 \u2026 i.e. the capital behind today\u2019s wave hasn\u2019t even started lifting offers in the UTXO market. https:\/\/t.co\/N9y4Tyod92 \u2014 Matt Dines (@BuildCIO) January 11, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,678,86326,1119,78790,6664],"class_list":["post-569318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-prediction","tag-bitcoin-spot-etf","tag-btc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nThe Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off<\/title>\n<meta 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off","url":"http:\/\/wncen.com\/news\/bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin prediction","bitcoin spot etf","btc","btcusdt","crypto"],"dateCreated":"2024-01-13T00:00:24Z","datePublished":"2024-01-13T00:00:24Z","dateModified":"2024-06-11T08:00:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"The Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-climax-analyst-flags-market-peak-amid-spot-etf-hype-cooling-off\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin prediction\",\"bitcoin spot etf\",\"btc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2024-01-13T00:00:24Z\",\"datePublished\":\"2024-01-13T00:00:24Z\",\"dateModified\":\"2024-06-11T08:00:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569318"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=569318"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=569318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=569318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=569318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}