 ▲ Bitcoin (BTC) |
Matt Hougan, CIO of cryptocurrency asset management company Bitwise, one of the issuers of the Bitcoin spot exchange-traded fund (ETF), said that the BTC price could enter a new chapter in the future.
According to Daily Issues, a cryptocurrency media outlet, on the 25th (local time), Hogan said through He said he is paying attention to several indicators related to .
He predicted that Friday's large options and futures expiration could be the peak of this price movement as people unwind their previous ETF bets.
Meanwhile, Hogan diagnosed, “The recent Bitcoin adjustment is due to excessive expectations regarding ETF approval.”
He said, "Strictly speaking, this adjustment is not a selloff led by the ETF. Even including Grayscale's Bitcoin Trust (GBTC), the ETF is net buying BTC. However, due to excessive market expectations before the ETF launch, the spot and derivatives markets “The buying trend has overheated, and now those bets are unwinding. The market has overestimated the short-term impact (buying power) of ETFs, but is also underestimating its long-term positive impact,” he explained.
According to data from CoinMarketCap, a global cryptocurrency market relay site, Bitcoin, the No. 1 cryptocurrency in market capitalization, is trading at $39,930 as of 8:09 a.m. on January 26, Korean time.
