https://twitter.com/lookonchain/status/1749801176621846958
https://platform.arkhamintelligence.com/explorer/entity/grayscale
Bitcoin hit its 2 years high value of 49k on Jan 11 2024 when ETF trading began and now its hitting its lowest of two months i.e. 38.7k [1]
As it was expected that ETF will get approval in January, active traders have already taken positions on Bitcoin to take profit on the post-approval boom. Moreover there is massive outflow from exchanges and crypto funds. Grayscale witness around 2 billion USD in liquidations from its Bitcoin ETF. [2]
This volatility is because of these reasons and once this sell-off is over, there are affirm chances that price of Bitcoin will be touching new heights. Till then all we need is to HODL.
[1] https://www.coindesk.com/markets/2024/01/23/bitcoin-under-39k-as-etf-debut-continues-to-be-a-sell-the-news-event/
[2] https://money.com/bitcoin-prices-down-etf-approval/