Bollinger Bands Creator John Bollinger Optimistic on Bitcoin’s Upward Trend”
Legendary Bollinger Bands creator, John Bollinger, has taken to the social media platform X (formerly known as Twitter) to issue a bullish call for Bitcoin to the global cryptocurrency community. His tweet appears optimistic, indicating an expectation for a potential turnaround soon.
Bitcoin’s Current Selling Operations Amid Reversal Phases
The world’s leading cryptocurrency, Bitcoin, experienced a remarkable surge on Friday, gaining 5.52% and surpassing the $42,000 price level. Following a brief resistance at this level, Bitcoin retraced to $41,429 during the day but subsequently rebounded, bringing BTC to around $41,700 at the time of writing.
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Since Tuesday, February 23, Bitcoin has recorded a significant increase of 7.86%, rising from the $38,705 price level.
Prior to this, Bitcoin traders and investors had been selling a portion of their holdings after the U.S. Securities and Exchange Commission (SEC) gave the green light for the discovery of sources for Bitcoin Exchange Traded Funds (ETFs) in mid-January. This allowed them to trade their anticipated new products, including ETFs tracking the spot price of Bitcoin.
Grayscale ETF Continues to Lose Bitcoin
Building on the approval news, Bitcoin surged above $42,000 but subsequently collapsed as traders started profit-taking. Some sold to buy shares in new Bitcoin ETFs issued by firms such as Valkyrie, Fidelity, VanEck, Ark Invest, and other hedge funds on Wall Street, totaling 11 in all.
These companies began accumulating significant amounts of Bitcoin for their ETFs before and after approval and continue to do so. The only exception is the Grayscale Bitcoin Trust Spot ETF; now that the lock-up period for Bitcoin withdrawals from Grayscale’s clients has ended, Grayscale customers have collectively started withdrawing their Bitcoin from the GBTC Trust. Additionally, Grayscale itself has recently sold significant portions of Bitcoin.
Massive Bitcoin Transfers to Coinbase Institutional
Over the past 24 hours, nearly one billion USD worth of Bitcoin has been transferred to Coinbase Institutional by several unidentified whales in four massive transactions. A similar quantity of Bitcoin was withdrawn from the mentioned platform in 13 transfer operations, each carrying around 1,400 Bitcoins. Bitcoin whale activity has surged again with the resumption of BTC’s upward movement.
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