After Bitcoin ETF approval, a different craze was seen in the cryptocurrency market where Bitcoin holders started selling their Bitcoins, and that too for temporary profit which significantly impacted the price of Bitcoin. Since then selling pressure has increased on the Binance according to the data reported by Kaiko.
The day when Bitcoin ETF trading began, Bitcoin nearly witnessed a price surge up to $48, 975 and now after a massive liquidation of $50 million, Bitcoin is currently trading at $42,820.
Selling Pressure At its Point
The Bitcoin ETF approval made headlines the day when it was approved by the SEC, after many anticipations and predictions. The approval resulted in a two-year high in Bitcoin price and since then it has fallen around 12% due to more selling happening in giant exchanges like Binance, OKX, and Upbit.
Despite this, Binance’s spot market CVD showed positive signs last week showing capital outflow equal to nearly 5,000 BTC. Upbit has witnessed the second largest net capital outflow which is reported by Itbit and OKX.
Why did this happen?
Due to the high anticipation among analysts, the craze among investors to buy Bitcoin surged when the Bitcoin ETF approval was on the horizon. Investors who bought Bitcoin expecting that ETF approval would boost the price of Bitcoin sold their holdings later for the temporary benefits and this resulted in high
Some known analyst on X have shared their insights on the current condition of Bitcoin. Crypto analyst Ali said Bitcoin price has been following a specific pattern and after the $48,000 surge, Bitcoin will again go lower by $34,000 and will bounce back in the future nearly up to $57,000.selling pressure.
