Cryptocurrency Airdrops and Giveaways: What They Are and What’s Next
Cryptocurrency Airdrops and Giveaways: What They Are and What"s Next There are a number of ways people can obtain cryptocurrencies and one of them is through airdrops, a type of
Bitcoin ETF demand could rise as prices drop — CryptoQuant CEO
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2024-03-23 09:03:25
Amaka Nwaokocha11 hours agoBitcoin ETF demand could rise as prices drop — CryptoQuant CEOYoung Ju noted that new BTC whales have an on-chain cost basis of around $56,000 and expects substantial capital influxes into the spot Bitcoin ETF market if BTC dips to this price level.29402 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptoQuant CEO Ki Young Ju has predicted a resurgence in the spot Bitcoin exchange-traded fund (ETF) market if the price of BTC dips further.
In a post on X on March 22, Young Ju said spot Bitcoin (BTC) ETF netflows could rise even as the BTC price decline continues. Using data from the historical net flow trends, the CEO noted that demand for Bitcoin ETFs usually kicks in when the cryptocurrency traces to certain support levels.
According to data from analytics firm BitMEX Research, the spot BTC ETFs have recorded negative net flows for the last four trading sessions, characterized by continuing outflows from the Grayscale Bitcoin Trust ETF and declining inflows to other BTC ETFs.Source: Ki Young Ju
Young Ju noted that new BTC whales, especially ETF buyers, have an on-chain cost basis of around $56,000, and he expects significant inflows to the ETFs to resume if Bitcoin dips to this level.
According to data from Cointelegraph Markets Pro, BTC’s price has fluctuated between $62,000 and $68,000 in the past week. Young Ju suggests that a further decline in price is possible, given that corrections typically see a maximum drop of around 30%, which would see Bitcoin drop to around $51,000 from its recent all-time high of $73,750.
Related:Bitcoin demand in Argentina reaches highest point in nearly two years
Bitcoin’s recent correction was caused by overheated market conditions in what analysts have called a “pre-halving retrace” ahead of the Bitcoin halving event due in April.
A recent report from CryptoQuant shows the Bitcoin bull cycle is far from over, given the relatively low level of investment flows from new investors and price valuation metrics still below levels seen in past market tops.
Meanwhile, the upcoming Bitcoin halving event has historically been a significant driver of the BTC price, eventually ushering in a parabolic uptrend.
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