In a surprising turn of events, the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) has not yielded the anticipated immediate upside impact on the Bitcoin price. Contrary to expectations within the crypto community, BTC has experienced a sharp drop of over 16% since the ETF approval on Wednesday, January 11, dipping below the key $40,000 level. The failure of BTC bulls to hold the support level has led to a testing phase at the $38,000 level, accompanied by a 4.5% price drop within the past 24 hours. Bitfinex Whales Buck The Trend Amidst the market volatility, according to Datamish, Bitfinex whales have accumulated Bitcoin long positions since November 2023. This accumulation of approximately 4,230 BTC since January 17 marks the first sustained increase in Bitfinex BTC long positions following a sharp decline in November last year. Related Reading: Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing However, the recent downturn in the BTC price can be partly attributed to increased selling pressure from miners and asset manager Grayscale. Grayscale has notably increased its BTC sell-off since the ETF trading commenced. Tran ..
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