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Home CRYPTO

Bitcoin Dumped 12% This Week and Here is Why

Conie by Conie
January 25, 2024
in CRYPTO
Reading Time: 3 mins read
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  • BlackRock’s Bitcoin ETF has attracted over $1 billion in its first week, setting a record for crypto ETFs.
  • Despite the ETF’s success, Bitcoin’s price has fallen 12% since the ETFs launched a week ago. The hype likely boosted price before launch.
  • The ETF launch represents a milestone for institutional adoption, though it hasn’t directly increased Bitcoin’s price yet. The market hopes to attract more inflows going forward.

Bitcoin’s price has dropped significantly after the launch of the first Bitcoin ETFs on Wall Street. Here’s an analysis of why this may be happening and what it means for the crypto market.

BlackRock’s Bitcoin ETF Breaks Records

The Bitcoin ETF launched by BlackRock, the world’s largest asset manager, has attracted over $1 billion in its first week. This makes it the first spot crypto ETF to hit this milestone. BlackRock says this reflects strong investor demand and is just the beginning.

Bitcoin Price Down 12% Since ETF Launches

In contrast to the ETF’s success, Bitcoin’s price has fallen by over 12% since the first Bitcoin ETFs began trading a week ago. Bitcoin hit nearly $49,000 when the ETFs launched, but has now dropped below $41,000.

Why the Price Discrepancy?

Some analysts suggest the ETF launch was already priced into Bitcoin, meaning traders bought in anticipation and sold once it went live. The hype around an SEC approval likely boosted Bitcoin’s price in prior weeks and months. Now that the ETFs are here, some investors may be cashing out returns.

JUST IN: #Bitcoin is down 12% this week despite record-breaking $11 billion in ETF volume pic.twitter.com/k0WOuSNDC0

— BlockNews.com (@blocknewsdotcom) January 18, 2024

Impact on the Broader Crypto Market

Bitcoin often leads movements in the overall crypto market, and altcoins are down alongside it. Ethereum has fallen nearly 3% and Solana over 6% in the last 24 hours. However, Solana is still up 300% since October, a reminder that long-term prospects remain strong.

The Road Ahead

While the ETF launch hasn’t directly translated to a higher Bitcoin price, it represents a milestone in crypto’s adoption by institutional investors. With this infrastructure now in place, the crypto market hopes to attract significant new capital inflows going forward.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinblackrockcryptoETF
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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