The approval of the first spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10 was a significant milestone in the crypto market. However, the milestone led to even more significant volatility in Bitcoin’s price and on-chain activity.
Initially, Bitcoin’s price showed a positive reaction to the news of the ETF approval, climbing to $46,608 on Jan. 10. By Jan. 11, the price declined to $46,393, and a more pronounced drop occurred on Jan. 12, when the price fell to $42,897. This downward trend continued over the following days, culminating in a price of $41,769 on Jan. 14.
Graph showing the price of Bitcoin from Jan. 9 to Jan. 14, 2024 (Source: CryptoSlate BTC)
The activities of short-term holders, particularly their transactions to exchanges, show where most of the volatility came from. A significant increase in the volume of Bitcoin sent to exchanges was observed, particularly on Jan. 12, when short-term holders transferred 111,476 BTC to exchanges, mark
We współpracy z: https://cryptoslate.com/short-term-holders-drive-bitcoins-post-etf-volatility/
