Chris J Terry, a cryptocurrency analyst and enthusiast, has revealed his insights on the value motion of Bitcoin, predicting a continuous decline in the value of the crypto asset.
Analyst Says Bitcoin Will Proceed To Drop
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 declining trend.”
He highlighted that the downtrend will proceed until Grayscale Bitcoin Trust (GBTC) is fully “liquidated.” In accordance with him, the liquidation shall be possible with a whopping $25 billion price of selling activity over the subsequent few weeks.
Terry cites Grayscale’s alternative to maintain Bitcoin ETF fees at 1.5% because the explanation for what he sees to be the “biggest strategic error” in cryptocurrency history. This means that Grayscale’s motion might need a long-term impact on the crypto market and will prevent wider adoption.
The post read:
Looks just like the BTC price will proceed flat/down until GBTC is liquidated, $25B of selling over the subsequent few weeks. Grayscale decision to maintain ETF fees at 1.5% will go down as the largest strategic error in crypto history. Greedy idiots.
His evaluation emphasizes how investment vehicles are interconnected and the way this affects the state of the cryptocurrency market as a complete. Nevertheless, this has attracted disbelief from a couple of famous figures locally.
One in all the figures who has expressed disbelief is Galaxy Digital CEO Mike Novogratz. He asserted that he “disagrees” with Chris Terry’s evaluation because although Novogratz experts some selling pressure activity, he believes investors will move to other ETFs, especially supporting BTCO. Novogratz also identified that the Invesco Galaxy Bitcoin ETF (BTCO) is his favorite among the many products.
Moreover, Novogratz highlights the importance of maintaining perspective in light of transient market conditions. He noted that the newest development will facilitate older investors’ or boomers’ entry into the crypto landscape.
As well as, he has highlighted the potential for enhanced leverage by having 4×5 exposure to Bitcoin via BTCO. He then shared an optimistic look, noting that “BTC will go higher in the subsequent six months after this indigestion.”
BTC Sees $25 Million Outflows
A recent report from Coinshares has revealed that Bitcoin witnessed an outflow of a whopping $25 million. Coinshares shared the knowledge in its most up-to-date weekly “Digital Asset Fund Flows.”
It also noted a large $11.8 billion in BTC trading volume last week. In accordance with Coinshares, that is seven times greater than the common weekly trading activity recorded in 2023.
There have been notable withdrawals from digital asset investment products last week, totaling about $24.7 million. Notably, this spike in trading activity indicates that ETFs account for 63% of all Bitcoin volumes on reliable exchanges.
As of the time of writing, Bitcoin was trading at $40,827, indicating a decline of two.16% up to now day. Despite the value drop, its trading volume is currently up by over 81% within the last 24 hours.
BTC trading at $40,909 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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