150K Bitcoin Illiquid in 30 Days: Major Repricing Event Underway

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• Major repricing event underway in TradFi markets
• Roughly 150K Bitcoin became illiquid in past 30 days
• Comparing history of GLD to potential spot Bitcoin ETF

Major Repricing Event Underway in TradFi Markets

A major repricing event is currently taking place in the traditional finance (TradFi) markets. This has resulted in roughly 150K Bitcoin becoming illiquid over the past 30 days.

Comparing History of GLD to Potential Spot Bitcoin ETF

James Van Straten, a research analyst at CryptoSlate, recently compared the history of SPDR Gold Shares (GLD) to the potential spot Bitcoin ETF. According to the World Gold Council, GLD was launched back in 2004 prior to the 2008 recession and has seen huge gains since then. Will Bitcoin follow a similar price appreciation if BlackRock’s ETF gets approved?

Bitcoin Withdrawals Surpass Deposits for Second Time In Six Months

In addition to this, it’s been reported that Bitcoin withdrawals have surpassed deposits for the second time in six months. This could be a sign that investors are looking to capitalize on possible gains by withdrawing their Bitcoins from exchanges and storing them securely on their own wallets.

SEC Has Only Once Rejected an ETF Application From BlackRock

Finally, it should also be noted that even though there is no certainty whether BlackRock’s application will succeed or not, it should be noted that The SEC has only once rejected an ETF application from BlackRock so far.

Conclusion

The future of Cryptocurrency investment is still uncertain but with more and more companies getting involved in this space, we may soon see a major shift towards digital assets as a viable alternative for investments.