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bitcoin price is down 1% in the last 24 hours to trade at $45,788 as of 4:30 a.m. EST, and trading volume fell 15%.
The muted price action came even though btc spot exchange-traded fund (ETF) trading got off to a flying start on January 11. ETF trading volumes reached millions of dollars within minutes of trading beginning, and billions within an hour. At the close of trading, trading volume had skyrocketed to $4.6 billion.
Here is the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Cointucky Derby ETF data via trading volume on day 1 (volume will continue for a while).
Total volume exceeded $4.6 billion with $GBTC approximately half. BlackRock & Fidelity were 1 and 2 out of GBTC. pic.twitter.com/t70MzyQfZW
-James Seyffart (@JSeyff) January 11, 2024
Bloomberg ETF expert Eric Balchunas revealed that the 11 approved ETFs recorded 700,000 individual trades, which is double that of Invesco's QQQ trust based on the Nasdaq index.
In total, there were 700,000 individual trades in and out of the 11 spot ETFs today. For context, that's double the number of operations for $QQQ (although you see much higher dollar volume because bigger fish use it) So a lot more grassroots action (vs. big seed buys) than I expected, which is… pic.twitter.com/syUGfjHQpr
– Eric Balchunas (@EricBalchunas) January 11, 2024
According to Blockworks live bitcoin-etf” target=”_blank” rel=”noopener”>bitcoin ETF Tracker, BlackRock's trading volumes are approaching the $1 billion mark today, recording $996.7 million as of 4:55 a.m. EST. This is after surpassing the $1 billion mark on Thursday.
Vanguard Prevents Clients from Buying Spot bitcoin ETFs
Meanwhile, Vanguard, a $7.7 trillion asset manager, is preventing clients from purchasing spot btc ETFs. The exclusion from its brokerage platform has raised concerns and prompted calls for a boycott.
JUST IN: $7 Trillion Vanguard Stops Customers From Buying Cash bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF on its platform. pic.twitter.com/sfh9uFTtUC
— crypto Masters ME (@crypto__me) January 12, 2024
Vanguard said that “bitcoin Spot ETFs will not be available for purchase on the Vanguard platform” because they “do not align” with the asset classes that “Vanguard considers the building blocks of a well-balanced long-term investment portfolio.” .
Some investors expressed frustration, and a Wall Street Journal report noted that Vanguard's decision amplifies the debate over the accessibility of cryptocurrency investments.
The latest breaking news
— #BlackRockThe new spot #BitcoinETF surpasses $1 billion on big first day of operations
— Vanguard prevents customers from purchasing #BitcoinETF
– Robinhood lists all 11 locations bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF in trading app
– Terra founder Do Kwon asks court to delay SEC trial over… pic.twitter.com/BG05PMjc2w
—CryptoRank.io (@CryptoRank_io) January 12, 2024
Some customers were so upset they said they closed their accounts.
Vanguard refuses to allow customers to purchase bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF with your own money.
So customers are closing their accounts!! pic.twitter.com/11o1tOHR9S
– bitcoin Archive (@BTC_Archive) January 11, 2024
Coinbase senior engineering manager Yuga Cohler declared his intention to convert his Roth 401(k) savings at Vanguard to Fidelity, where he could gain exposure to bitcoin ETF spot trading.
I have 8 years of 401K savings in @Vanguard_Group from my time as an employee at Google.
I will transfer these funds to @Fidelity.
Vanguard's paternalistic blocking of bitcoin ETFs does not fit with my investment philosophy. https://t.co/eKmgo0xK5h
— yuga.eth (@yugacohler) January 11, 2024
Neil Jacobs, a bitcoin commentator, said he would transfer funds out of Vanguard due to the “terrible business decision.”
I have a retirement account with Vanguard.
I called them and they told me that they will NOT offer ANY of the bitcoin ETFs.
I'm working on transferring assets out of there and then I'll close my Vanguard account.
Terrible business decision by Vanguard.bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/Q2OFcybqMQ
-Neil Jacobs (@NeilJacobs) January 11, 2024
Returning to the dizzying trading volume, there is much left to say about its implications for the price of bitcoin. For starters, btc's lackluster performance on the first day of trading could quickly go in the opposite direction even as investors flock to ETFs attracted by attractive ETF entry holders.
If you thought you were safe from the etf news flow, wait for the daily microscopic analysis of the flows.
>large initial number, records are being broken
>euphoria
>”these are just rebalanced flows, not new ones”
> fatality
>but a large initial number leads to a larger number
>euphoriadon't escape pic.twitter.com/ygmczdVG3n
– Hsaka (@HsakaTrades) January 11, 2024
bitcoin Price Outlook as btc Hits Two-Year Peak
After crossing the $48,900 level on January 11, bitcoin price hit a two-year high. The last time btc reached this level was in December 2021.
bitcoin price is trading within the weekly supply zone ranging between $40,467 and $46,999. A continuation of the main trend will be confirmed once the supply order block turns into a bullish switch, above the psychological level of $48,000.
Further momentum from buyers could see bitcoin price extend north to surpass the January 11 high of 48,969. In a highly bullish case, gains could extend until btc completes an 8% rally to the psychological level of $50,000.
The Awesome Oscillator (AO) is in positive territory, showing large volumes of green histogram bars. This suggests that the bulls have established a strong presence in the btc market. This favors the rise.
On the contrary, with the Relative Strength Index (RSI) at 77, btc is already overbought and a pullback could be underway. Further seller momentum could send bitcoin price tumbling, testing the weekly supply zone midline at $43,916. A prolonged decline could see btc find support due to the critical level of $37,800, or below, the center line of the Bollinger indicator at $34,959.
If the aforementioned buyer congestion levels do not hold as support, bitcoin price could plummet to the psychological level of $30,000. A breakout and close below this level would invalidate the overall bullish thesis.
Meanwhile, now that the btc ETF spot campaign has concluded, the market awaits the btc halving, scheduled for April, and the next big catalyst that is likely to drive the price of bitcoin.
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Promising alternatives to bitcoin
BTCMTX is the token that powers the bitcoin Minetrix ecosystem, a mining staking project that uses a cloud mining mechanism. Holders of BTCMTX tokens stake their holdings for mining credits and then redeem these credits for mining hash power.
Advantages of #BitcoinMinetrix:
Convenient accessibility.
Efficient cost structure.
Abundant space and quiet atmosphere.
There are no concerns about resale value. pic.twitter.com/slptHOIHNk
—Bitcoinminetrix (@bitcoinminetrix) January 11, 2024
The project is in the pre-sale stage and has clocked in over $8.286 billion of its $9.103 billion target, as investors look to get in on the action ahead of the halving.
He #Phoenix Group reaches a $187 million deal with @BITMAINtech for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining machines, following its recent initial public offering and partnerships.
What is your opinion on his strategic moves?#BitcoinMinetrix also achieves another milestone and surpasses $8,200,000! pic.twitter.com/zoLvO5vxw6
—Bitcoinminetrix (@bitcoinminetrix) January 11, 2024
Analysts say crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>This penny cryptocurrency has potential for exponential growth.. Investors who want to purchase BTCMTX can do so on the website, where each token is sold for $0.0128.
To purchase BTCMTX in pre-sale, visit the website here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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