Options suggest that traders are bracing for an extended decline in Bitcoin with demand for US exchange-traded funds holding the cryptocurrency beginning to wane.
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“Today’s market correction is mostly coming on the back of GBTC outflows remaining heavy,” said David Lawant, head of research at crypto prime broker FalconX, referring to the Grayscale Bitcoin Trust. “Spot ETF net inflows data as of yesterday showed the second fourth-day streak of outflows since these products launched on January 11.”
The pullback in Bitcoin is in contrast to this week’s rally in the stock market, where traders are more optimistic that the Federal Reserve will cut interest rates this year.
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