#BTC didn’t followed our plan but goes as per weekly idea. Price broke though the Strong Resistance Area and Pumping. Moreover, #ETF news is just on the head now, so this might be due to that and now price will sustain over the level until further release. A potential retest is expected back to $45,000, which will be a healthy correction.

#BTC made a potential retest back to the Major Support zone as expected. Well, this was due to a Positive tweet from Official X account of #SEC on #ETF. This was a fake news as it dropped when came into highlight. Also, mostly event aligns with Technical most of the time. Now today we've to wait and watch for the news to kick in momentum into the market.

#BITCOIN DAILY TF UPDATE :

#BITCOIN pinpoint and precisely, from levels to level, pushed due to #ETF news but ended up being rejected from the Resistance Area of $47,000. Price again tapped into the major level (Grey Box) around $42,000, where rejection might happen. Structure now turned bearish, so careful with any sort of fresh trade now. Also, if #BTC remains stable here let's say, consolidation happens, alts will fly strongly.

A pattern of profit realization has emerged, reflecting the current market sentiment. The provided chart illustrates the average profit or loss per coin sent to exchanges. During the peak of #ETF speculation, this metric surged to an average profit of $3.1K, coinciding with the climax of the April 2023 rally. However, this figure pales in comparison to the $10.5k average profit recorded during the peak of the 2021 bull market. The recent decline suggests a significant cooling off, indicating a potential shift in market dynamics.

Leading up to the approval of spot #ETFs in January, speculation surged, leading Long-Term Holders (#LTH) to either cash out for profit or reallocate their holdings into new #ETF products. This resulted in a significant decrease in LTH supply balance by approximately 299.5K #BTC since November, from a peak of 14.996M BTC. Notably, analysis of #GBTC flows, with around 661k BTC inflow and 151.5K #BTC outflows in 2021, suggests that remaining #LTH supply, totaling 148K #BTC, is being spent by investors. This trend aligns with previous research indicating LTHs begin distributing their holdings as the market approaches all-time high prices.

Further confluence can be found by evaluating the percentage of the overall #STH balance sent to exchanges. Since Oct 2023, the STH cohort have been depositing upwards of 1% of their supply per day, peaking at a value 2.36% during the recent #ETF led speculation. This is largest relative deposit since the March 2020 sell-off.

The new spot #Bitcoin #ETF products have also created a new source of demand for BTC, with an incredible +90K #BTC in net flows migrating into the ETFs. These inflows account for a staggering $5.7B, and bring the total AUM of the #ETFs to nearly $38B.

These #ETF products have for the first time allowed institutional investors to gain exposure to the BTC asset via traditional rails, opening a new degree of freedom for demand and speculation.

#Fidelity submits S-1 form for Spot #Ethereum #ETF, which includes Staking.

#BTC #ETF had a +$243.5M net inflows Yesterday.

Increased miner #outflow occurs around halving events in the cryptocurrency market, such as those in July 2016 and May 2020 for #Bitcoin. Miners sell more of their mined cryptocurrencies to cover costs ahead of #halving, where mining rewards are reduced by half. This selling pressure by miners contributes to downward pressure on prices before halving events.

n this cycle, we can see that the outflow rate soared sharply in January 2024. This is because miners moved a large amount of their holdings to the #ETF with the approval of the #BTC #ETF.

#ETH UPDATE :

#ETH breakout of the falling wedge pattern and broke the resistance area too. The move occurred due to the #ETH #ETF news. Now, price hodling above the zone and rejecting the zone as support too. Expected a next leg up towards the resistance area of $4,111 - $4,215.