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Bitcoin's Shock Drop

A week of high highs and low lows.
Jack Inabinet Jack Inabinet Jan 13, 20241 min read
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market analysis Bitcoin's Shock Drop

Crypto has patiently awaited spot Bitcoin ETFs for the better part of a decade. They were approved and started trading this week! While it feels like there are plenty of reasons to celebrate, BTC has cratered a shocking 12.4% off its ETF debut high. WTF happened to TradFi buying our bags?

The total crypto market cap has plunged since spot BTC ETFs hit the market, with Bitcoin leading the decline as longs have come to the sudden realization that they are offside.

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Jack Inabinet

Written by Jack Inabinet

277 Articles View all      

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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