- At the time of writing, Bitcoin is trading at $38,946, down 4.45% in the last 24 hours.
- If the price manages to go below $37,690 then it will likely test $35,570 support level.
Grayscale has experienced massive losses amounting to billions of dollars. Total platform outflows reached approximately $2.2 billion on the fifth trading day of spot Bitcoin ETF, with Grayscale seeing a substantial outflow of $579.6 million.
Grayscale has deposited 63,991 Bitcoin, worth about $2.68 billion, according to statistics from Lookonchain. It is possible that the whole cryptocurrency market reacted to these shifts, leading to widespread selloffs.
However, on the seventh trading day, BitMEX Research data shows that BlackRock’s IBIT saw a substantial net inflow of $260.60 million. Bloomberg ETF analyst James Seyffart stated that, overall, capital flows to spot Bitcoin ETF products were good.
Cautious Outlook on Bitcoin
The price of Bitcoin has dropped to its recent lows. Bitcoin has fallen below $39,000 due to recent selling pressure. Jim Cramer, anchor of CNBC show Mad Money, has recently tweeted his cautious attitude on Bitcoin. Cramer called it a “tough own” and expressed skepticism about Bitcoin’s capacity to recover.
Coinciding with the launch of spot ETFs, Cramer voiced a cautious outlook on Bitcoin. As a result of this drop, many are rethinking their positive predictions for Bitcoin’s future, and Cramer’s latest post reflects this change in attitude.
At the time of writing, Bitcoin is trading at $38,946, down 4.45% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 81.08%.
If the price manages to go below $37,690 then it will likely decline further to test $35,570 support level. However, if the price manages to go past $40,260 then it will likely test $42,140 resistance level.
