Bitcoin continues to decline after buyers failed to sustain last week’s all-time high of around $66,900.
A pullback was overdue and more downside volatility could be in the offing, CoinDesk’s Omkar Godbole reported.
Still, technical indicators show bitcoin’s pullback could stabilize.
So far, the new ProShares fund’s returns are falling short of the performance of bitcoin in cryptocurrency markets – the very thing the ETF was supposed to track.
19, when the ProShares ETF started trading, through Tuesday, BITO shares were down by 2.45%, based on a chart shared by Grayscale, the company that sponsors GBTC.
The chart below shows a spike in short-term holder selling activity on Wednesday, as noted by CryptoQuant.
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