The recent approval by the U.S. Department of Justice to sell a substantial amount of Bitcoin has stirred concerns about a potential market downturn, as highlighted by blockchain analytics platform Glassnode. This move, coupled with significant outflows from U.S. Bitcoin ETFs, has added layers of uncertainty to the market. Despite these pressures, Bitcoin's price has shown resilience, reflecting the ongoing strategic interest from companies like Genius Group, which is increasing its Bitcoin holdings. This trend of adopting Bitcoin as a reserve asset is gaining momentum, influencing market dynamics and creating a dichotomy between traders and long-term investors.
The ProShares UltraShort Bitcoin ETF (SBIT) experienced a decline, dropping 1.67% to $11.22 as of 11:00 AM on Saturday, January 11.