The recent approval by the U.S. Department of Justice to sell a substantial amount of Bitcoin has stirred concerns about potential market downturns, as highlighted by blockchain analytics platform Glassnode. This move, coupled with significant outflows from U.S. Bitcoin ETFs amounting to $149.4 million, has added layers of uncertainty to the market. Despite these pressures, Bitcoin's price has shown resilience, reflecting the ongoing strategic maneuvers by major players like Genius Group, which is adopting a "Bitcoin-first" strategy. This trend of companies integrating Bitcoin into their corporate treasuries is gaining momentum, influencing market dynamics and investor sentiment.
The ProShares Bitcoin Strategy ETF (BITO) has responded to these market conditions with a slight increase, rising 0.83% to $23.03 as of 11:00 AM on Saturday, January 11.