The Bitcoin market continues to show resilience, recovering from the initial sell-the-news drawdown following ETF approvals. In particular, the market is working through the significant supply overhead created by investors rebalancing capital out of the GBTC product since its conversion.

The ETF approval of Bitcoin is acting like an opioid on the crypto market. It came onto the scene, flooded our brains with endorphins… And now many are realizing the unsettling nature or the “yang” of the ETF approval’s “ying” moment. The ying and yang effect… Every day has darkness… Or the hangover to every high.

Bitcoin's price has risen by 3% in the last 24 hours, reaching $43,500, due to strong inflows into Bitcoin ETFs that have outpaced net outflows from the Grayscale Bitcoin Trust (GBTC). GBTC outflows have slowed down to under $200 million per day. On Monday, GBTC saw net outflows of $192 million, a 70% drop from $641 million over the last week. Fidelity's spot Bitcoin ETF recorded net inflows of $208 million, outpacing GBTC outflows. This surge in ETF inflows coincides with the broader crypto market's anticipation of the Federal Reserve's forthcoming decision on interest rates.

BitMEX Research data, the net inflow of Bitcoin spot ETF was $255 million on the 12th day.

Deutsche Bank's survey of 2,000 retail investors found that only about 15% of them believe that Bitcoin will rise to between $40,000 and $75,000 this year. People who are skeptical of cryptocurrencies have not changed their attitudes because they can invest in Bitcoin through exchange-traded funds (ETFs). FactSet data shows that since the Bitcoin spot ETF was launched on January 11, Bitcoin has fallen by about 20% to around $39,000. In addition, more than half of the participants said they believed that "major cryptocurrencies" would completely collapse in the next two years. Deutsche Bank said that 39% of survey participants believed that Bitcoin would continue to exist in the coming years, while 42% expected it to disappear. Deutsche Bank analyst Marion Laboure, based in London, said in a report that so far, institutions have been slow to incorporate this new fund into their portfolios, and retail investors are not entirely convinced that they need to do so. The report also stated that most of the ETF's funds come from retail investors.

According to data released by Bitcoin Magazine, BlackRock currently holds 44,005 BTC for its spot Bitcoin ETF, worth over 1.75 billion US dollars.

According to SoSoValue data, the total net outflow of Bitcoin spot ETF on January 23rd (US Eastern Time) was 105 million US dollars, of which Grayscale Bitcoin Trust ETF had a net outflow of 515 million US dollars, and other ETFs except Grayscale had a total net inflow of 410 million US dollars. The Bitcoin spot ETF with the highest net inflow on a single day is BlackRock ETF IBIT, with a net inflow of 160 million US dollars, followed by Fidelity ETF FBTC, with a net inflow of 157 million US dollars on a single day. Currently, Grayscale Bitcoin Trust ETF still holds a net asset of 20.05 billion US dollars, and the net asset value of Bitcoin spot ETF is 25.17 billion US dollars.

According to BitMEX Research data, the net outflow of the 8th trading day of Bitcoin spot ETF was $106 million, and the total inflow of the 8 trading days was $982.9 million. Note: The data for 3 ETFs on the 8th day shows as 0, which may not have been updated yet.

According to BitMEX Research data, the net outflow of Bitcoin spot ETF on the 8th day was $106 million, and the total inflow of the ETF after 8 days was $982.9 million.

Caroline Mauron, co-founder of Orbit Markets, stated that the recent adjustment in Bitcoin price reflects the expansion positioning and technical factors around Grayscale ETF, which should fade away in the medium term. Technical analysis using chart patterns indicates that Bitcoin may bottom out at a price range of $36,000 to $38,000, and if these levels hold, Bitcoin prices may even rebound.