According to Cointelegraph: Bitcoin prices fell dramatically post spot ETF approval, achieving lows not previously anticipated. This drop is attributed to traders deciding to cash in profits after the launch of the spot Bitcoin ETFs did not trigger expected upward movement. The decline sent BTC down to the level of $41,500.
While some supporters of the cryptocurrency market have become pessimistic, expecting Bitcoin to drop to around $25,000, others anticipate the $38,000-level will attract long-term investors. These investors are likely to consider factors such as the pending Bitcoin halving and potential institutional flows into spot Bitcoin ETFs.
Bloomberg ETF analyst Eric Balchunas reported via X (formerly Twitter) on January 13th that recently launched ETFs have already seen inflows of $1.4 billion. Simultaneously, Grayscale Bitcoin Trust (GBTC) saw outflows of $579 million, suggesting a potential shift of investments.
Nonetheless, altcoins are showing promising signs of early recovery. Some, like Internet Computer (ICP), Celestia (TIA), Mantle (MNT), and Sei (SEI), have illustrated bullish price actions and could potentially outperform in the coming term. As the uncertainty around Bitcoin continues, markets will be closely observing the progress of these altcoins as possible investment opportunities.
