Bitcoin Prices Drop 15% Since ETF Approvals Seen as Sell the News Event
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Recent approval of Bitcoin spot ETFs was seen as a "sell the news" event, resulting in a 15% BTC price drop since January 11th.
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Short-term traders and whales continue selling, reflecting a "risk-off" attitude. Unrealized profits have not fallen enough to exhaust sellers.
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Record $19B of BTC was traded on Coinbase's OTC desks when ETFs launched, but post-approval demand has waned.
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BTC prices have declined to more sustainable levels, but further drops in short-term holder profits may be needed to signal a bottom.
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Inter-Exchange Flow Pulse has dipped below 90-day average for the first time since August 2021, halting flows to derivatives exchanges.