The post Why is Bitcoin Price Dropping Despite ETF Approval? appeared first on Coinpedia Fintech News
After introducing Bitcoin ETFs, the crypto market fell from $1.82 trillion to $1.66 trillion. Ethereum and other coins rose as Bitcoin’s dominance fell below 50%. Bitcoin hovered around $42,500, with traders eyeing purchases below $40,000.
Experts believe the immediate impact of the Bitcoin ETF approval is mostly over, expecting a more stable market. Despite the approval, Bitcoin’s value unexpectedly dropped by 17.7% in the past week, reaching $40,500 from nearly $49k on January 11, despite the entry of major players like BlackRock.
Factors Leading to Bitcoin Downtrend
To understand this sudden downturn, market intelligence firm IntoTheBlock analyzed on-chain data. They observed continuous inflows of Bitcoin into centralized exchanges (CEXs) for six weeks, totaling almost $2 billion in net deposits. Typically, sustained deposits into exchanges signal sell-offs, raising questions a
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