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Author: Jack Inabinet, Bankless senior analyst; Translation: Bitchain Vision Xiaozou
The decline in Bitcoin is to make the previous weeks increased into the east.At the same time, the total market value of the crypto market is facing the largest decline since the spot BTC ETF approval was approved by the spot BTC ETF.
Will the bulls come to save the market, or will it continue to go down?
The ETF outflow of the Gray Bitcoin Trust (GBTC) accelerated, reaching $ 642.5 million yesterday, exceeding the US $ 640.5 million record set on January 22, which led to a net outflow of Bitcoin spot ETF with a market value of $ 15.44 billion.
Yesterday’s performance allowed GBTC to experience the largest ETF out of the stock market since the global financial crisis in March 2009.At present, the grayscale hopes to reverse this bad impression by committing too high costs.
The throwing caused by ETF outflow was reflected in the encryption price yesterday. After the opening of the US stocks on Monday, Bitcoin fell from the highest point to the lowest point by nearly 9%.
With the falling price, the liquidation came.
In the past 24 hours, a total of $ 635 million lever transactions have been forcibly closed, 80%of which come from the bullsThis has made the financing interest rate fully restore to normal, and provides a supportive environment for traders seeking new multi -headed.
Although the price of Bitcoin has fallen, a national pension fund (the largest pension fund in the world) with a scale of 1.4 trillion US dollars in Japan announced that it is paying attention to Bitcoin to achieve the diversification of its investment portfolio.Bring new hope.
The market shows a strong risk appetite, indicating that we are in the bull market.However,It should be noted that the 30%standard bull market adjustment will reduce BTC to $ 51,000, and there is further downlink space.
Recently, the Fed’s interest rate decision may become the main catalyst of market fluctuations, becauseRecent heat -inflation data may promote the Federal Public Marketing Committee (FOMC) to adopt a stronger policy position than in the past few monthsEssenceThis change will postpone the expectations of market participants’ interest rate cuts, which undoubtedly splashed a pot of cold water for the continuous risk rising remarks since October last year.
The possibility of cutting interest rates this month has dropped sharply to only 1%, which is in stark contrast to 90%of the possibility of 90%of the market expected March at the end of last year.
