- While Grayscale decreased its Bitcoin ETF holdings, BlackRock continued to accumulate.
- BTC price action remained bullish, but the trend could change soon.
Bitcoin [BTC] ETFs have returned to the spotlight as several top companies have reduced their holdings. While that was happening, BTC price action continued to favor the bulls.
Let’s see if this latest ETF development would have a negative impact on the price of BTC.
Has Grayscale Affected Bitcoin ETF Ownership?
According to a tweet by Lookonchain on July 19, Grayscale, one of the largest BTC ETF holders, has reduced its holdings by 845 BTC, worth more than $55.5 billion, and held 272,160 BTC at the time of writing.
Interestingly, while Grayscale sold BTC, BlackRock added 1,616 BTC, worth over $106 million, and at the time of writing held 325,449 BTC, worth $21.4 billion.
AMBCrypto then analyzed Dune Analytics’ facts to better understand how Bitcoin ETFs fared. According to our analysis, more than $16 billion worth of BTC has flown into ETFs since launch.
Over the past seven days, net flows remained positive as ETFs added another $0.32 billion to BTC holdings. The total amount of BTC held in ETFs accounted for 4.5% of Bitcoin’s total supply.
As for the best ETFs, Grayscale initially stood out, followed by BlackRock, Fidelity and 21Shares.
Source: Dune Analytics
How did BTC react?
While this was happening, bulls continued to dominate the market at the time of writing. According to CoinMarketCapThe price of Bitcoin has risen by more than 7% in the past week.
At the time of writing, BTC was trading at $67,283.62 with a market cap of over $1.32 trillion. The recent price increase saw over 93% of BTC investors make a profit, according to IntoTheBlock’s facts.
AMBCrypto then planned to rate CryptoQuant’s facts to find out if developments in the Bitcoin ETF sector would affect the price of BTC.
According to our analysis, the net deposit of BTC on the exchanges was high compared to the average of the past seven days, meaning selling pressure increased.
The aSORP was also in the red, suggesting more investors were selling at a profit. In the middle of a bull market, this could indicate a market top.
Additionally, the NULP revealed that investors were in a belief phase where they were currently in a state of high unrealized gains, which looked bearish.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
AMBCrypto then analyzed the king of crypto’s daily chart and found that the Relative Strength Index (RSI) registered a slight decline at the time of writing.
Furthermore, the price of BTC had reached the upper limit of the Bollinger Bands, which often leads to price corrections. Nevertheless, the MACD showed a bullish edge in the market.
Source: TradingView