{"id":4603,"date":"2024-08-15T10:00:13","date_gmt":"2024-08-15T10:00:13","guid":{"rendered":"https:\/\/cryptd.in\/is-the-link-broken-new-analysis-shows-bitcoins-price-unmoved-by-etf-liquidations\/"},"modified":"2024-08-15T10:00:13","modified_gmt":"2024-08-15T10:00:13","slug":"is-the-link-broken-new-analysis-shows-bitcoins-price-unmoved-by-etf-liquidations","status":"publish","type":"post","link":"https:\/\/cryptd.in\/cs\/is-the-link-broken-new-analysis-shows-bitcoins-price-unmoved-by-etf-liquidations\/","title":{"rendered":"Is The Link Broken? New Analysis Shows Bitcoin\u2019s Price Unmoved By ETF Liquidations"},"content":{"rendered":"

The evolvement of Bitcoin has led to Bitcoin\u2019s trajectory being linked to several other markets, whereby the stance of certain markets could hint at where BTC is headed.<\/p>\n

However, according to the latest data<\/a>, this phenomenon is changing specifically for the correlation of Bitcoin\u2019s price to exchange-traded fund (ETF) movements.<\/p>\n

Historical Patterns And Recent Deviations<\/h2>\n

The latest observation from a CryptoQuant author on the QuickTake platform has revealed that BTC ETF, particularly the ETC Group Physical Bitcoin (BTCE), an investment fund based in Germany, which has shown a historical pattern of syncing with Bitcoin\u2019s price movements,<\/a> is now seeing a divergence in correlation.<\/p>\n

The analyst, Joao Wedson, disclosed that historically, increases in BTCE\u2019s Bitcoin holdings have often aligned with substantial price rallies in Bitcoin itself.<\/p>\n

For instance, a significant accumulation in the fund\u2019s reserves<\/a> from 0 to over 23,480 BTC in 2020 coincided with Bitcoin\u2019s surge to its first historic peak in April 2021. Conversely, a reduction in holdings has typically indicated a forthcoming drop<\/a> in Bitcoin prices.<\/p>\n

Recent Trends and Changes in Fund Behavior<\/p>\n

\u201cThe historical correlation between BTCE and the Bitcoin price has shown a consistent pattern, where changes in the fund\u2019s reserves generally precede movements in $BTC<\/a> price.\u201d \u2013 By @joao_wedson<\/a><\/p>\n

Link https:\/\/t.co\/59rWi28opD<\/a> pic.twitter.com\/bKRI4TfePP<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) August 14, 2024<\/a><\/p>\n

However, a shift in this pattern has been observed since January 2024. Despite the fund\u2019s Bitcoin reserves decreasing from a peak of 27,980 BTC to below 17,000 BTC, the anticipated decline in Bitcoin\u2019s price hasn\u2019t materialized to the extent predicted by past trends<\/a>.<\/p>\n

This divergence suggests a potential decoupling of the fund\u2019s activities from direct Bitcoin price movements, marking a change in how BTC\u2019s market relation with this product might be interpreted.<\/p>\n

Wedson revealed that this observation is evident in the 30-day variance of the BTCE fund analysis. This analysis showed that positive variances in the fund\u2019s reserves were typically associated with Bitcoin price rises, and negative variances correlated with price drops.<\/p>\n

The recent period, however, stands as an exception to these findings, with Bitcoin\u2019s price rising despite continued sell-offs from the fund.<\/p>\n

Bitcoin Market Performance And Future Outlook<\/h2>\n

Bitcoin is trading for $59,144 at the time of writing, following a 3.6% dip in the past 24 hours.\u00a0According to the latest zpr\u00e1va<\/a>, this decline comes after the US inflation fell to 2.9%, the lowest since 2021.<\/p>\n

Amid this price performance, Economist and Trader\u00a0Mikybull Crypto on X, has pointed out the\u00a0potential rally<\/a> for Bitcoin.<\/p>\n

This rally, according to the analyst is based on the global liquidity index breaking out of a 2-year resistance. Mikybull Crypto noted<\/a>:<\/p>\n

The BTC correlation with the global liquidity index is quite strong. This indicates that Bitcoin strong and massive rally is looming.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

The evolvement of Bitcoin has led to Bitcoin\u2019s trajectory being linked to several other markets, whereby the stance of certain markets could hint at where BTC is headed. However, according to the latest data, this phenomenon is changing specifically for the correlation of Bitcoin\u2019s price to exchange-traded fund (ETF) movements. Historical Patterns And Recent Deviations […]<\/p>\n","protected":false},"author":0,"featured_media":4604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nIs The Link Broken? New Analysis Shows Bitcoin\u2019s Price Unmoved By ETF Liquidations - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/cs\/is-the-link-broken-new-analysis-shows-bitcoins-price-unmoved-by-etf-liquidations\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is The Link Broken? New Analysis Shows Bitcoin\u2019s Price Unmoved By ETF Liquidations - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The evolvement of Bitcoin has led to Bitcoin\u2019s trajectory being linked to several other markets, whereby the stance of certain markets could hint at where BTC is headed. However, according to the latest data, this phenomenon is changing specifically for the correlation of Bitcoin\u2019s price to exchange-traded fund (ETF) movements. 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