In the crypto market report prepared by the ICRYPEX Research team and covering the week of January 15 – 22, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: January 15, 2024 .
Overview of January 15 Weekly Crypto Market Report
The selling pressure created by the approval of ETFs brought the Bitcoin price down to the 40,000-41,000 region. We can say that both the sell effect when the news happens and the macro data have a significant impact here. Ethereum, which remained relatively more robust against the decline of Bitcoin and other altcoins in this process, managed to maintain permanence above $ 2400. The total market value of crypto assets dropped to 1.56 trillion dollars. While the market dominance in Bitcoin decreased to 51.2%, the dominance value in Ethereum remained permanent at 18.50%.
Although the expectations for crypto assets, where a new era started with the ETF process, were positive in the medium and long term, the 18% drop seen after the 49,000 level created anxiety in all investors. For this reason, while short-term investors who were at a loss due to the recent depreciation started to move their assets to the stock market, long-term investors, who exhibited a different behavior than normal, started to move their assets to the stock markets last week, causing the sales pressure to increase.
We can say that the 40,500 band in particular serves as a critical support zone in Bitcoin, and in case of a breakout, the 38,000 level will be a very important support zone. ETF inflows, macro data and project-related developments will be important factors in pricing.
When we examine ETF performances, we see that we completed the past week with inflows in all funds except GBTC. According to ETF data shared by Bloomberg, BlackRock’s IBIT fund has received the most inflows since the day they were listed, with $1.227 billion, followed by Fidelity’s FBTC fund with $1.060 and Bitwise’s BITC fund with $394 million inflows. We see that intense outflows continue in the GBTC fund, and the total level of outflows increased to 2.216 billion dollars.
While the GBTC fund was converted into a spot ETF with over 600,000 Bitcoins under management, the outflows following this transition seem to have been used for transfers to other funds. The outflows seen in GBTC cause Grayscale to sell Bitcoin and cause selling pressure on the market. Grayscale managed to reduce the amount of Bitcoin from 620,000 to 550,000 in a 10-day period.
Those who want to get more comprehensive information about the week covering January 15 – 22 can review Weekly Crypto Market Reports: January 15, 2024 .
