Perhaps this is why on January 12, #Bitcoin had its biggest 1-day drawdown since the FTX crash and collapsed after the ETF began trading.

The huge whale that bought during the 2021 bull run at $48k had over 100k BTC and was sold at $49k in 2024.

This then sent the market into a frenzy, coupled with liquidations, news selling, and record losses.

For context, $GBTC only traded 27k #Bitcoin with similar demand for inflows into the ETF.

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