TechFlow news, according to the latest report from Matrixport, ideally, Bitcoin is expected to fall to the support level of $36,739, and prices will rebound from this support level as overall liquidity and macro conditions remain supportive.
Matrixport expects that many early investors will not transfer their Bitcoin exposure into another ETF on a 1:1 basis, but instead take profits from these rising prices. Once new capital inflows lose momentum, Bitcoin prices could go lower.
Trading volume for BlackRock's iShares Bitcoin Trust has dropped by 50% compared to its first trading day, which may indicate that interest from TradeFi is currently not as strong as initially anticipated. Additionally, MicroStrategy’s stock price has declined by 32% since the end of December, suggesting that demand from TradeFi may also be weaker than expected.
Only 39% of financial professionals expect the SEC to approve a spot Bitcoin ETF in 2024. Judging from "MOT," it appears these advisors are not yet ready, and gaps in education and operations have temporarily left their clients' fund allocations in limbo, which might lead Bitcoin to gradually decline into the support zone before entering the next upward cycle.
