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

2024/01/16 08:08

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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.

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