Friday, January 28

Investments keep pouring into Bitcoin ETFs despite sharp pullback


As the price of the cryptocurrency fell in the last month, some traders decided to withdraw their capital to take profits. From the other extreme, and despite the downturn recorded, investments continue to come to ETFs. Some users of the crypto market keep their BTC holdings.

Investors Against the Fall

At the end of 2021 an uncertain panorama is observed whereby the prices of cryptocurrencies are fluctuating. In this way, Bitcoin and other cryptos face a wave that moves the market away from the last all-time highs reached.

However, it seems that the positions of acquisition of holdings do not stop. Investments keep coming as exchange-traded mutual funds (ETFs) they add capital a BTC.

After the bullish momentum recorded last month, there was massive profit taking. This scenario caused the price of the coin to fall below the $ 50K barrier. A few days ago, Bitcoin received a brief push to touch that figure, without succeeding in maintaining the trend.

This situation caused part of the market to rush to sell the holdings, but, at the other extreme, support persists. There are still those who move against the decline by contributing multi-million dollar revenue to ETFs.

ETF participation

Considering the position of support for Bitcoin, on the part of investors, an environment of expectations is visualized between each operation. Such is the case of the ProShares Bitcoin Strategy ETF, which has had activity related to BTC this month.

According to data published by Bloomberg, it is estimated that around 40 million dollars were introduced to the market in said fund. That capital inflow would be only 1 of the 3 operations that were executed in December to date.

This, and other cases, reflect the interest with which investments continue to reach the crypto ecosystem. Traders may be looking for clues to a bearish streak to stay active. This, while waiting for the market to show us signs of retaking the rise.

Meanwhile, profit-taking persists, counterbalancing those who venture into a BTC holding company to await the breakout of resistance at $ 50K.



criptotendencia.com

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