Bitcoin is Being Sold Off Following Spot ETF Authorization -

All the Spot Bitcoin ETFs available for trading in the past week total nearly 95,000 BTC, resulting in the combined asset value reaching $4 billion. This surge has outpaced the outflows from the Grayscale Bitcoin Trust, highlighting a shift in investor capital

JPMorgan suggests that selling pressure on Bitcoin from Grayscale’s Spot Bitcoin ETF could potentially reach up to $3 billion, as investors show a tendency to sell for profits. This may exert downward pressure on the price of Bitcoin in the coming two to three weeks

The spot Bitcoin ETFs of BlackRock and Fidelity are two funds that have attracted a combined inflow of over $1 billion in the first week after their listing. In total, 10 out of the 11 funds have witnessed inflows totaling almost $3.4 billion. Grayscale was the only exception, experiencing outflows of $2.2 billion

Bitcoin has transformed into a commodity-like asset, becoming the second-largest ETF in the United States, surpassing silver and trailing only behind gold. This trend indicates a growing demand in the market for products of this type

Venture Smart Financial Holdings, an investment management company in Hong Kong, plans to launch a Spot Bitcoin ETF in the coming months. The company aims to have assets of $500 million under management by the end of this year, and anticipates at least 10 fund managers introducing Spot Bitcoin ETFs in the current year

The office of the President of South Korea has proposed that the Financial Services Commission (FSC) reconsider its stance on Bitcoin ETFs, urging a more positive perspective and endorsing the establishment of Bitcoin ETFs in the country. This comes after the FSC announced the suspension of access for retail investors to Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Fidelity’s Spot Ethereum ETF application to March 5. The decision, originally expected in May, follows Fidelity’s submission of the proposal in November last year.

Bloomberg predicts a 70% chance of Coinbase winning the case filed by the U.S. Securities and Exchange Commission (SEC) regarding the listing of coins with potential securities implications, including the provision of Staking as a Service

Tether (USDT) has expanded its market share in the global stablecoin market significantly, surging from 50% to 71% throughout the year 2023. The circulating supply of stablecoins has exceeded $95 billion, with Circle’s USDC trailing as the second-largest stablecoin at a considerable distance

Weekly Technical Analysis: 23-29 January 2024

Bitcoin (BTC)

The trend for BTC remains weak, with the RSI unable to establish new highs. There is a possibility of the price descending towards the 1,353,275 THB level. However, it’s advisable to monitor the initial support at 1,429,290.90 THB. Meanwhile, the primary resistance mark is at 1,599,952.50 THB. If this level is surpassed, there is potential for the price to recover

Support : 1,420,000 THB Resistance : 1,540,000 THB

Ethereum (ETH)

ETH is currently moving in a sideways downward pattern after lacking new positive catalysts. There is a likelihood of the trend testing the support level at $2,050. This level could be considered for a buying opportunity if it holds. On the other hand, the resistance is at the $2,600 mark. There is potential to revert to an upward trajectory if this level is overcome.

Support : 82,000 THB Resistance : 91,000 THB

SushiSwap (SUSHI)

SUSHI has shown a 5.25% increase in the past week, but its recovery appears relatively weak. There is a possibility of a retracement, testing the support level at 36 baht. This level could be used as a point to cut losses if the price falls below it. Alternatively, watch for an opportunity when the price successfully breaches the resistance at 43 baht, indicating a potential upward move

Support : 36 THB Resistance : 43 THB

Binance Coin (BNB)

BNB has experienced a 4.84% increase in the past week, maintaining a slight upward trend. To revert to an upward trajectory, it needs to successfully surpass resistance at the 11,800 baht level. Meanwhile, buying support is anticipated at around 10,600 baht. Caution is advised if this level is breached, as it may signal a shift to a downward direction

Support : 10,600 THB Resistance : 11,800 THB

Trading and Investment Considerations For The Week

The price of Bitcoin has been trading within a narrow range since the approval of the Bitcoin Spot ETF. Although there has been a consistent inflow of funds into the ETF, some investors may be capitalizing on profits as the discount narrows. As a result, there hasn’t been a significant influx of new funds into Bitcoin.

The market faces pressure from the sales of GBTC, coupled with the ongoing legal cases involving Binance and Coinbase with the U.S. SEC regarding the classification of coins and tokens as securities. All these events suggest that the market is forecast to continue moving sideways until there is clarity and positive resolution in these legal cases.

Economic indicators to watch this week include the announcement of the fourth-quarter GDP forecast for the United States on Thursday, January 25. If the numbers meet expectations, it could positively impact the market, supporting the possibility of faster interest rate reductions by the U.S. central bank.

Attention should also be given to the announcements for technology stock earnings in the coming weeks. Positive results could contribute to a brighter sentiment in the cryptocurrency market, especially with the continuous record highs in the U.S. stock market indices, S&P500 and Nasdaq, providing additional support for the crypto market.

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