While the selling pressure on Bitcoin that started after the ETF approval continued, the BTC price dropped to $ 38,000 yesterday for the first time since December.
While the source of this decline is wondered, these declines also make investors uneasy about the possibility of further declines.
At this point, Ki Young Ju, founder and CEO of CryptoQuant, shared about the source of the decline in BTC and advised investors to accumulate BTC.
Additionally, contrary to the analyst who thought that GBTC sales were behind the recent decline in Bitcoin price, Ki Young Ju argued that Grayscale sales were not very effective in the BTC decline.
The famous CEO claimed that Bitcoin fell not because of Grayscale sales, but because of derivative market sales.
According to Ju, OTC markets are quite active but do not affect the price. According to Ju, the bull market will begin when on-chain OTC trading and spot ETF activity decreases and reaccumulation is completed.
“Accumulate Bitcoin like an institutional investor.
The declines are due to BTC derivative market sales, not Grayscale.
OTC markets are very active but have no impact on the BTC price.
Reaccumulation is complete when on-chain OTC and spot ETF activity decreases; “This would be the beginning of a bull market.”
Accumulate #Bitcoin like an institutional investor.$BTC falls due to derivative market selling, not $GBTC. OTC markets are very active, but no price impact.
Re-accumulation completes when on-chain OTC and spot ETF activities decrease – the start of a bull market.
— Ki Young Ju (@ki_young_ju) January 24, 2024
*This is not investment advice.
