{"id":9844,"date":"2024-01-16T14:35:00","date_gmt":"2024-01-16T12:35:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-correction-attributed-to-etf-approval-sell-off-say-analysts\/"},"modified":"2024-01-16T14:35:00","modified_gmt":"2024-01-16T12:35:00","slug":"bitcoin-correction-attributed-to-etf-approval-sell-off-say-analysts","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-correction-attributed-to-etf-approval-sell-off-say-analysts\/","title":{"rendered":"Bitcoin Correction Attributed to ETF Approval Sell-off, Say Analysts"},"content":{"rendered":"

Cumulative Volume Delta<\/a> (CVD) of digital gold on leading platforms turned negative following news of spot Bitcoin ETF approval, according to Kaiko<\/a>. <\/p>\n

Analysts pointed to a “sell the news” scenario. They noted that an hour before the US market opened, net purchases on Binance reached nearly 3000 BTC, but the buyers’ advantage was short-lived. <\/p>\n

Positive CVD remained only on Coinbase and the institution-focused platform Bitstamp. Its competitor, Itbit, recorded net sales, as did retail-favored exchanges Binance, OKX, and Kraken.<\/p>\n

\"1-877\"
Data: Kaiko.<\/figcaption><\/figure>\n

Ethereum and ERC20 tokens have become attractive to investors due to speculation regarding future approval<\/a> of spot Ethereum ETFs, according to specialists. They noted that after falling to annual lows, the ETH\/BTC ratio surged.<\/p>\n

\"2-693\"
Data: Kaiko.<\/figcaption><\/figure>\n
\n

“Given the more uncertain regulatory status of Ethereum, ETFs based on it may face a somewhat more challenging approval path,”<\/em> experts predicted.<\/p>\n<\/blockquote>\n

In the context of Circle’s application for an IPO<\/span><\/a>, Kaiko highlighted the market position of the firm’s supported USDC. Despite the banking crisis last spring, the stablecoin managed to double its share in trading on CEX<\/span> to levels not seen since 2021.<\/p>\n

\"3-407\"
Data: Kaiko.<\/figcaption><\/figure>\n

According to analysts, one of the drivers was Bybit’s introduction of zero fees for USDC trading pairs in February. By total volume, the platform took the lead, surpassing Binance. <\/p>\n

\"4-261\"
Data: Kaiko.<\/figcaption><\/figure>\n

Earlier, analysts at TD Cowen expressed doubts<\/a> about the imminent approval of spot Ethereum ETFs.<\/p>\n

Previously, analysts at 10x Research pointed to the risks of a Bitcoin correction to $38,000<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cumulative Volume Delta (CVD) of digital gold on leading platforms turned negative following news of spot Bitcoin ETF approval, according to Kaiko. Analysts pointed to a “sell the news” scenario. They noted that an hour before the US market opened, net purchases on Binance reached nearly 3000 BTC, but the buyers’ advantage was short-lived. Positive […]<\/p>\n","protected":false},"author":1,"featured_media":9843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,569,46,1261,1145,1150,910],"class_list":["post-9844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-etf","tag-ethereum","tag-kaiko","tag-market-analysis","tag-news-plus","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9844"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9843"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}