Bitcoin finished correction? GBTC sales are decreasing day by day

Outflows from the GBTC fund seem to be decreasing day by day, and on February 1, 2024 they amounted to USD 182 million and were the lowest since the first day of trading. Bitcoin ETFs. Previously, cryptocurrencies worth between USD 400 million and USD 600 million were flowing out of GBTC daily, and the last three sessions have seen a decline in outflows day by day. Nevertheless, including GBTC bitcoins worth over USD 5,8 billion were sold off, while the remaining ETFs acquired BTC with a net value greater than USD 1,3 billion. So this is currently the state of flows between Bitcoin ETFs with net inflows of over USD 1 billion. Nevertheless, the price of bitcoin still seems to be stabilizing, but it has stopped falling. BTC miners were also expected to contribute to the total supply at that time.

Bitcoin finished correction?

Currently quotations Bitcoin have returned above the USD 43000 level and it seems that they may have ended the last wave of the downward correction. Nevertheless, a better confirmation of this would be a BTC price above USD 44000, where there may be another local resistance. Breaking USD 44000 may open the way again towards the peaks from the day the ETFs were launched or even towards the next resistance zone at USD 51000-53000.

Those hoping for a deeper decline in the bitcoin price have to take it easy for now, because it seems that only a drop below USD 37000 could open the way towards USD 31000. Previously, the USD 37000-39000 zone was a potential resistance, and now it may be a potential support.

The cryptocurrency market may also be favored by the general situation in the form of falling bond yields, a falling dollar and an increase in broadly understood liquidity in financial markets. In the past, such a set of factors seemed to be favorable for cryptocurrency quotations, and if this may be the case this time, the cryptocurrency spring seems to be getting closer.