Bitcoin's Post-ETF Slump Pauses as Charts Signal Pivotal Test [BNN Bloomberg (Canada)]
IG GROUP HLDGS PLC S/ADR (IGGHY)
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Source: BNN Bloomberg
The token rose as much as 2.6% on Wednesday before paring some of the gain to trade at $39,720 as of 6:05 a.m. in London. It's down almost 20% from an intraday peak of $49,021 when the ETFs went live, as fanfare about the products gives way to uncertainty over the eventual scale of demand for them. The US spot Bitcoin ETF category as a whole has attracted about $1 billion in net inflows so far, compared with the digital asset's $778 billion market value, data compiled by Bloomberg show. An outflow of almost $4 billion from the Grayscale Bitcoin Trust — which converted into an ETF from a closed-ended format and is the largest portfolio for the token — has cooled sentiment. “This latest Bitcoin correction reflects extended positioning and technical factors around the Grayscale ETF, which should all fade over the medium term,” Orbit Markets co-founder Caroline Mauron said. Technical analysis using chart patterns signals a possible base for Bitcoin at $36,000 to $38,000 and even a
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