Chris J. Terry, analyst and cryptocurrency enthusiast, has revealed his thoughts on the price action of bitcoinpredicting a continued drop in the price of the crypto asset.
Analyst says bitcoin will continue to fall
The crypto analyst shared his thoughts on bitcoin with the cryptocurrency community on social media platform X (formerly Twitter), anticipating a possible “continuation of a flat or declining trend.”
He highlighted that the downward trend will continue until Grayscale bitcoin Trust (GBTC) is totally “liquidated”. According to him, the liquidation will be possible with sales activity of 25 billion dollars in the coming weeks.
Terry cites Grayscale's decision to keep bitcoin ETF fees at 1.5% as the cause of what he considers the “biggest strategic mistake” in the history of cryptocurrencies. This implies that grayscalee's action could have a long-term impact on the cryptocurrency market and could prevent wider adoption.
The post said:
It looks like btc price will continue stable/declining until GBTC sells off $25 billion in sales in the coming weeks. Grayscale's decision to keep ETF fees at 1.5% will be considered the biggest strategic mistake in the history of cryptocurrencies. Greedy idiots.
Their analysis emphasizes how investment vehicles are interconnected and how this affects the state of the cryptocurrency market as a whole. However, this has sparked disbelief from some famous figures in the community.
One of the figures who has expressed disbelief is Galaxy Digital CEO Mike Novogratz. He he claimed who “disagrees” with Chris Terry's analysis becauseAlthough Novogratz is experiencing some selling pressure activity, he believes investors will move into other ETFs, especially those supporting BTCO. Novogratz also noted that the Invesco Galaxy bitcoin ETF (BTCO) is his favorite among the products.
Additionally, Novogratz highlights the importance of maintaining perspective in light of transitory market conditions. He noted that the latest development will make it easier for older investors or boomers to enter the crypto landscape.
Additionally, he has highlighted the potential for greater leverage by having 4×5 exposure to bitcoin through BTCO. He then shared an optimistic outlook and noted that “btc will rise in the next six months after this indigestion.”
btc sees outflows of $25 million
A recent report of Coinshares has revealed that bitcoin witnessed an outflow of a whopping $25 million. Coinshares shared the information in its most recent weekly “Digital Asset Fund Flows.”
He also noted a whopping $11.8 billion in btc trading volume last week. According to Coinshares, this is seven times more than the average weekly trading activity recorded in 2023.
Last week there were notable withdrawals of digital asset investment products, totaling around $24.7 million. Notably, this increase in trading activity indicates that ETFs account for 63% of all bitcoin volumes on trusted exchanges.
At the time of writing, bitcoin was trading at $40,827, indicating a drop of 2.16% over the past day. Despite the price drop, its trading volume has currently increased by more than 81% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
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