Chris J Terry, a cryptocurrency analyst and enthusiast, has revealed his insights on the price action of Bitcoinwhich predicts a continued decline in the price of the crypto asset.
Analyst Says Bitcoin Will Continue to Fall
The crypto analyst shared his insights regarding Bitcoin with the cryptocurrency community on the social media platform X (formerly Twitter), anticipating a possible “continuation of a flat or downward trend.”
He emphasized that the downward trend will continue until Grayscale Bitcoin Trust (GBTC) has been completely ‘liquidated’. According to him, the liquidation will be possible with as much as $25 billion in sales activity in the coming weeks.
Terry cites Grayscale’s choice to keep Bitcoin ETF fees at 1.5% as the cause of what he sees as the “biggest strategic mistake” in cryptocurrency history. This means that Grayscalee’s action could have a long-term impact on the crypto market and hinder broader adoption.
The message read:
It looks like the BTC price will remain flat/down until GBTC is liquidated, with $25 billion in turnover in the coming weeks. The grayscale decision to keep ETF fees at 1.5% will go down as the biggest strategic mistake in crypto history. Greedy idiots.
His analysis highlights how investment vehicles are interconnected and how this affects the state of the cryptocurrency market as a whole. However, this has caused disbelief among some famous figures in the community.
One of the figures who has expressed disbelief is Mike Novogratz, CEO of Galaxy Digital. He claimed that he “disagrees” with Chris Terry’s analysis because aWhile Novogratz is experiencing some selling pressure, he believes investors will move into other ETFs, especially in support of BTCO. Novogratz also pointed out that the Invesco Galaxy Bitcoin ETF (BTCO) is his favorite among products.
Additionally, Novogratz emphasizes the importance of maintaining perspective in the face of transient market conditions. He noted that the latest development will ease older investors’ entry into the crypto landscape.
Additionally, he highlighted the potential for greater leverage through 4×5 exposure to Bitcoin through BTCO. He then shared an optimistic outlook, noting that “BTC will move higher over the next six months after this indigestion.”
BTC sees an outflow of $25 million
A recent one report of Coinshares has revealed that Bitcoin witnessed an outflow of as much as $25 million. Coinshares shared the information in its latest weekly ‘Digital Asset Fund Flows’.
It also recorded a whopping $11.8 billion BTC trading volume last week. According to Coinshares, this is seven times more than the average weekly trading activity recorded in 2023.
There were notable withdrawals from digital asset investment products last week, totaling approximately $24.7 million. Notably, this spike in trading activity indicates that ETFs represent 63% of all Bitcoin volumes on trusted exchanges.
At the time of writing, Bitcoin was trading at $40,827, indicating a decline of 2.16% in the past day. Despite the price drop, trading volume is currently up over 81% over the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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