Bitcoin’s range bound price action has altcoin traders taking a closer look at LINK, ICP, RNDR and SUI.
Bitcoin (BTC) remains stuck in a range and is on target to end the week with a marginal gain of about 2%. Trading suite DecenTrader said in an update that the sideways price action could continue for one more month before a buying surge in anticipation of the halving in April.
While the spot Bitcoin exchange-traded funds (ETFs) have opened the gates for institutional investments, the inflows have been slow as large trading platforms are doing their due diligence, according to a Bloomberg report.
A minor positive in the short term is that Grayscale Bitcoin Trust’s (GBTC) outflows have been slowing down. BitMEX Research data shows that GBTC outflows have been hovering around the $200 million mark since Jan. 29, down from a high of $640 million on Jan. 22.