© Reuters Legendary BTC trader John Bollinger issues bullish statement on Bitcoin
U.Today – Legendary Bollinger Bands indicator creator John Bollinger took to social media platform X (formerly known as Twitter) to make a bullish call to the global cryptocurrency community.
His tweet sounds optimistic and states that he hopes the current Bitcoin sell-off will stop soon.
Bitcoin Price Experiences Bullish Reversal
On Friday, the world's leading cryptocurrency, Bitcoin, saw an impressive surge, adding 5.52% and surpassing the $42,000 price level. Failing to hold there, Bitcoin fell back to $41,429 overnight, but an increase then followed, taking BTC to the $41,700 zone, where it is changing hands at the time of writing.
So far, since Tuesday, February 23, Bitcoin has recorded a substantial increase of 7.86%, from the price level of $38,705.
Before that, Bitcoin traders and investors had been selling some of their Bitcoin holdings after the US Securities and Exchange Commission gave the green light to detect Bitcoin ETF issuers in mid-January, allowing them to trade their new products very expected, traded on the stock market. funds that track the spot price of Bitcoin.
Grayscale ETF Keeps Losing Bitcoin
So, with the news of the approval, Bitcoin soared above the $42,000 level, but then suddenly crashed as traders began to lock in their profits, and some were selling to buy the new Bitcoin ETFs issued by BlackRock (NYSE :). Fidelity, VanEck, Ark Invest and other Wall Street hedge funds, 11 in all.
These companies began acquiring large amounts of Bitcoin for their ETFs before approval and continue to do so now. The only exception here is the Grayscale Bitcoin Trust Spot ETF; Now that the mandatory period during which clients' BTC was locked there has ended, Grayscale clients have begun withdrawing their Bitcoin from the GBTC Trust en masse, along with Grayscale itself selling off large chunks of Bitcoin recently.
Tons of Bitcoin Sent to Coinbase (NASDAQ:) Institutional
In the last 24 hours, several anonymous whales transferred nearly US$1 billion worth of Bitcoin to Coinbase Institutional in four massive transactions.
A similar amount of Bitcoin was withdrawn from the aforementioned platform in 13 transfers, carrying approximately 1,400 BTC each. Bitcoin whale activity increased as BTC began to rise again.
This article was originally published on U.Today.
