Bitcoin ETFs might not be the main driving force behind the Bitcoin price action
on the X social media platform, Eric Balchunas, a senior ETF analyst at Bloomberg, opined that Bitcoin ETF flows are not the deciding factor in the price performance of the largest cryptocurrency.
Balchunas added that there are"bigger forces at work" while pointing to the fact that Bitcoin's price action does not always correlate with ETF flows. This comes as Grayscale is experiencing a"second wind" of outflows, as noted by Balchunas. On Wednesday, it bled another $281.57 million. Notably, Grayscale outflows are greater than the dwindling inflows from new Bitcoin ETF issuers by the largest amount since launch.
Grayscale's Bitcoin holdings have now collapsed by more than 40% post-launch of a slew of Bitcoin ETFs on Jan. 11. , the lack of hawkishness in the comments made by Federal Reserve Chair Jerome Powell pushed cryptocurrency prices sharply higher. Powell has reassured the market about the rate cut outlook, which made various risk assets pare losses. Prior to that, the Bitcoin price plunged below the $61,000 level.
However, as noted by Balchunas, the Bitcoin price still had a sharp decline during the second part of the previous week despite strong ETF inflows. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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