Matrixport predicts a decline in the BTC exchange rate to $36 739
According to analysts, the rebound will occur after reaching this mark
26.01.2024 - 13:35
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3 min
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What’s new? Analysts of the crypto platform Matrixport believe that the support level of bitcoin is at $36 739. In their opinion, the rate of the asset will decline to this point, after which a rebound will occur, as “the overall liquidity and macro environment remain supportive.” However, the company noted that interest from the traditional finance sector in spot bitcoin exchange-traded funds (ETFs) “was not as strong as initially expected,” and investors in Grayscale’s GBTC fund continue to take profits.
What else is known? On January 25, total outflows from all spot BTC ETFs in the US totaled $79,62 million. At the same time, the funds, except for GBTC, have a positive daily result: +$314 million, from the bitcoin fund Grayscale withdrew $394 million.
Also on this day, Grayscale transferred 12 200 bitcoins to Coinbase Prime for sale in the amount of $487 million. In addition, the GBTC management fee significantly exceeds the fees set by competitors and is at 1,5%.
BlackRock’s IBIT and Fidelity’s FBTC remain the leaders in terms of daily inflows with $170,7 million and $101 million respectively.
Since the admission of spot BTC ETFs to the US market, the bitcoin exchange rate has fallen by more than 15%. However, analysts at JPMorgan believe that profit-taking by GBTC investors is already coming to an end, and the selling pressure on the asset’s exchange rate has largely been overcome.
The Crypto Market Fear and Greed Index (F&G) is currently in the neutral zone at 49/100, which is the lowest since mid-October last year.
Earlier, former BitMEX CEO Arthur Hayes said that the launch of spot BTC ETFs in the United States will create opportunities for bitcoin arbitrage and attract billions of dollars from the sector of traditional finance. He also confirmed his prediction about the growth of the BTC rate to $1 million this year.
In turn, analyst Michaël van de Poppe allowed the possibility of the BTC rate to rise to $600 000 in this market cycle.
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