Kaiko: Since the start of Bitcoin spot ETF trading, there has been selling pressure on Bitcoin

2024/01/16 08:08

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

According to CoinDesk, Bitcoin has faced selling pressure in the market since the start of trading by the U.S. spot exchange-traded fund (ETF) last week.

A report from data analysis company Kaiko pointed out that traders from one exchange led the sell-off of Bitcoin. Kaiko's Cumulative Volume Delta (CVD) indicator shows that since last Thursday, CEX's spot market CVD has been continuously declining, implying a large outflow of funds.

Analysts predict that the price of Bitcoin could further drop to $40,000 or lower until market pullback momentum weakens. The initial performance of the Bitcoin ETF was weak compared to analysts' predicted inflow of $4 billion on its first day, which may lead to a continued decline in prices.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

Fitch Ratings recently announced that it is maintaining France's sovereign credit rating at "A+" with a "stable" outlook, even though the agency has once again warned that sustained fiscal deficits and rising public debt amidst increasing political uncertainty could still trigger a future rating downgrade.

智通财经•2026/08/29 07:11