Bitcoin ETFs Experience Day 12 Reversal, GBTC Selling Slows, Fidelity And Blackrock Garner $400 Million
Summary
Bitcoin reclaimed $43,000 due to reduced selling pressure from Grayscale. Day 12 of trading saw more inflows than outflows, marking the third-largest money day. Fidelity and Blackrock recorded $400 million across their Bitcoin ETFs. Miners sold the most coins since May 2023, with over 4,000 Bitcoin totaling $173 million. Despite this, the market absorbed the pressure calmly. Historical patterns suggest that Bitcoin's price movements follow distinct cycles, with a period of sideways movement expected soon, lasting approximately four months. A second early price peak is predicted in June 2024, with the possibility of new all-time highs after November 28th, 2024, and a cycle peak around November 28th, 2025.
