Yesterday Bitcoin lost support at $58.4k, and dropped as low as $56.1k. There has been a short-term rebound, and Bitcoin is already back to the $58.4k level again. However, support is lost and now $58.4k is acting as resistance. This is not good for Bitcoin bulls, and Bitcoin is at risk of dropping here. I would monitor $58.4k to see if we continue to see rejections here.
BlackRock ETF holdings have surpassed Grayscale’s holdings. I think this is a huge milestone because of all the selling from Grayscale ETFs. In my video with Mike Fay I think Mike brought a great point about Grayscale having the highest fees. Mike thinks there is a rotation out of Grayscale because of these high fees, and investors could be migrating to BlackRock instead. Grayscale’s only real advantage is that they have early access to the ETFs because they have Bitcoin, Ethereum, and Solana trusts that can be converted into ETFs. So investors are buying Grayscale’s ETFs before the SEC approves them, and then they are dumping their Grayscale ETFs as soon as they are listed for trading so that they can invest in alternative ETFs like BlackRock.
Bitcoin’s weekly candle has been neutral so far. I think there is a lot of fear about Mt. Gox repayments at the moment. For now BTC’s price is pretty stable at the current levels. Still trading within the range, and back above $58.4k support. No clear direction at the moment, but support was lost so there should be a lot of concerns for some downside.
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