Jan 18, 2024

Despite the early success of several U.S. listed spot exchange-traded funds (ETFs), headwinds for bitcoin (BTC) continues to linger and further downside risks remain, according to on-chain analysis firm CryptoQuant.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin prices fell as low as 15% after the much anticipated ETF listing last week with outflows from gray skills. Bitcoin Trust products said to be contributing to the downward pressure data provided by blackrock fidelity and bit wise shows that volume cumulatively crossed the $500 million mark earlier in the week with Coinbase the custodian for several of the providers seeing record high otc de transfer volumes. Despite this crypto Quon says further downside risks main in a note shared with coin desk, the on chain analysis firm said quote several on chain metrics and indicators still suggest the price correction may not be over or at least that a new rally is still not on the cards and quote. They added that short term traders and large Bitcoin holders are still doing significant selling in a context of risk off attitude. That's a wrap for the chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data. Find top news stories.

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