The dust is settling in its first two weeks of trading as America's first Bitcoin exchange-traded fund (ETF). Greyscale Bitcoin Trust (GBTC) flows appear to be easing, raising expectations that institutional sell pressure will ease.
Market participants have linked this trend to one particular ETF: Grayscale Bitcoin Trust (GBTC) . The switch to ETFs and high fees has allowed investors to leave "Lock-in" for years, after they buy bitcoin in low price last past, and while they can also invest in other ETF Bitcoin products with low fees.
to conclus, On-chain indicators also suggest “overbought” market conditions, with Bitcoin down 20% from regional highs, expected to strengthen BTC price is higher.