Is The Link Broken? New Analysis Shows Bitcoin’s Price Unmoved By ETF Liquidations
Summary
Bitcoin's correlation with exchange-traded funds (ETFs) is changing, as the ETC Group Physical Bitcoin (BTCE) fund's historical pattern of syncing with Bitcoin's price movements is diverging. Despite decreasing BTC reserves, the anticipated decline in Bitcoin's price hasn't materialized as predicted. This suggests a potential decoupling of the fund's activities from direct Bitcoin price movements. Bitcoin is currently trading at $59,144, with a 3.6% dip in the past 24 hours. The decline follows US inflation falling to 2.9%, the lowest since 2021. Economist and Trader Mikybull Crypto anticipates a potential rally for Bitcoin based on the global liquidity index breaking out of a 2-year resistance.
