Analysis

Bitcoin ETFs in the US Now Hold About $27,000,000,000 in BTC, According to Crypto Strategist

Crypto analyst and dealer Ali Martinez says that the just lately launched spot Bitcoin (BTC) exchange-traded funds (ETFs) instantly maintain an enormous quantity of the crypto king.

Martinez tells his 41,600 followers on the social media platform X that the ETF merchandise now maintain tens of billions of {dollars} price of BTC.

“Bitcoin ETFs within the US now maintain over 638,900 BTC, price round $27 billion [as of Sunday]! In all probability nothing.”

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Supply: Ali Martinez/X

The dealer additionally noticed that on Friday there was an uptick within the variety of Bitcoin whales – deep-pocketed buyers holding greater than 1,000 BTC.

“[January 19th] marks a notable uptick in Bitcoin whales! The variety of addresses holding over 1,000 BTC has reached its highest since August 2022, now totaling 1,510 [BTC]. This enhance in giant BTC holders may sign robust confidence or strategic positioning available in the market.”

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Supply: Ali Martinez/X

Bitcoin is buying and selling for $39,893 at time of writing, down greater than 4% within the final 24 hours.

The dealer additionally says that Ethereum (ETH) could also be at a essential second when it may escape or instantly dip primarily based on the In/Out of the Cash Round Value (IOMAP) metric, which makes an attempt to identify key shopping for and promoting areas.

“Ethereum market replace: ETH is at present in a key demand zone, ranging between $2,388 and $2,460. If this help holds robust, there’s a transparent path forward with minimal resistance, providing a possible for upward motion.

Nonetheless, if ETH fails to take care of this degree, we would see a pullback to the subsequent important help space round $2,000.”

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Supply: Ali Martinez/X

Ethereum is buying and selling for $2,325 at time of writing, down almost 6% within the final 24 hours.

See also  Ethereum, Chainlink and Arbitrum Are Among Top 5 Altcoin Plays for This Year, According to Michaël van de Poppe

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