good
Bloomberg ETF analyst Eric Balchunas notes that "while outflows from GBTC show a declining trend and outflows from other ETFs slow down with a net flow of $824 million,"
Therefore, the decreasing outflows from GBTC on a daily basis may potentially lead to BTC finding a recovery turning point and experiencing a price increase.
On-chain Data and Technical Indicators Show Signs of Bitcoin Price Recovery
Amid the ongoing market correction, Glassnode data reveals interesting activity among Bitcoin whales. Investors are actively accumulating more BTC despite the recent market volatility.
Entities holding 1,000 BTC or more increased from 1,481 wallets on January 11, 2024, when the ETF began trading, to 1,533 on January 25, 2024, representing an increase of approximately +3%.
The accumulation behavior of Bitcoin whales could signal that investors expect BTC's price to surpass this year's peak of $49,000.
From a technical analysis perspective, the Relative Strength Index (RSI) for Bitcoin is moving upward, away from the oversold territory. This indicates that the price correction may be coming to an end.
