"Fortunately, I climbed back up a bit, but I was afraid that I would suddenly fall again."
The fall of the cryptocurrency king Bitcoin (BTC) up to $38,600 has led analysts to predict a correction of about 30% more that will bring the price back down to $34,000.
Through observation, there was $225 million liquidation in the last 24 hours following the majority of placing long positions for BTC and Ethereum (ETH) plus Grayscale continued to sell it, but still has $550,000 BTC in Bitcoin Trust (GBTC).
Despite this, 27,717 BTC worth $1.1 billion have been bought by fund issuers on net since the spot ETF launched despite outflows from GBTC.
According to Gabor Gurbacs, Tether and VanEck strategist said that the BTC ETF absorbed FTX's sale of GBTC quickly and without major impact, but it should be noted that the total market capitalization was down 2.8% at $1.65 trillion.
However, the price of BTC this morning has recovered a bit as BTC miners are more inclined to accumulate large amounts of the digital asset while its price is low and sell it after seeing potential profits.
Admittedly the net flow recorded a mix of inflows and outflows, but miners' reserves have increased by 6,562 BTC which is an addition of $264 million which brings the total reserves to 1.824 million BTC.
As of this writing, BTC price has surged by 0.60% to $39,960 in the last 24 hours with a market cap of $783 billion and has recorded a plunge of around 7.30% over the past week.
