Over the past week, Spot Bitcoin ETFs have gone through extreme ups and downs. This volatility was driven by fluctuating investor attitudes and substantial transfers of funds. The turbulence began on Monday when these ETFs saw an unprecedented withdrawal of $223.8 million, establishing a new benchmark for the largest Bitcoin ETF outflow ever recorded.
Spot Bitcoin ETF Outflows Surge
On Tuesday, there were net outflows of approximately $18.6 million from several major funds, representing a continuation of the previous trend but at a smaller scale. However, on Wednesday, there was a surprising change as Bitcoin ETFs experienced significant inflows totaling around $123.7 million.
In addition, the outflows for GBTC dropped to a record low of $17.5 million, while BlackRock’s IBIT experienced inflows totaling $33.3 million. At the same time, FBTC attracted $76.3 million in investments. This change brought new hope to investors, suggesting a possible shift in market opinion.
On Thursday, there were $91.3 million worth of investments in Spot Bitcoin ETFs. In contrast, GBTC recorded a significant outflow of $124.9 million, even with the market rebound on Wednesday. Meanwhile, BlackRock’s Bitcoin ETF attracted substantial investments totaling $192.1 million.
The final day of the week saw additional shifts in investment transfers on Friday, leading to a total outflow of $55.1 million. A significant portion of this amount, $166.2 million, came from GBTC, while BlackRock’s ETF drew in $111.1 million. Consequently, the week’s overall outflows amounted to $82.5 million.
Bitcoin Price Crash
On the weekend of April 13, Bitcoin’s price took a nose dive. This happened after a weak inflow of Exchange-Traded Funds (ETFs) for the previous week. To make things worse, there were massive sell-offs or liquidations, causing an even steeper decline. The pessimistic outlook grew stronger among traders who swiftly sold off their long positions.
On April 14, Sunday, Bitcoin experienced a low point of $60,900 during the crash, which continued to intensify. At present, the price of Bitcoin is 4.04% lower, standing at $64,602.22. The market value of Bitcoin was recorded at a staggering $1.27 trillion. Notably, there was an increase in trading volume by 23.99%, amounting to $59.76 billion.
Additionally, Coinglass reports that an impressive $342.03 million in Bitcoin was liquidated over the past day. Notably, more than half of this amount, equating to $263.67 million, came from long position holders. This massive sell-off could have intensified the downward trend in Bitcoin’s price. However, some crypto analysts remain bullish about Bitcoin’s future prospects.
Ben Armstrong, also known as BitBoy Crypto, is a prominent figure in the crypto world who has reaffirmed his belief that Bitcoin’s price will reach $100,000 by 2024. Moreover, Michaël van de Poppe, a well-known crypto analyst, pointed out that the significant price increase of Bitcoin, often referred to as its bull run, is yet to occur.
The man spoke about the rally up to this point being triggered by the introduction of Spot Bitcoin ETFs. He also recommended purchasing during market dips and considering altcoins that currently have lower values relative to Bitcoin’s. Moreover, with Bitcoin Halving approaching, there is anticipation for Bitcoin’s price to reach new peaks.
Instead of this: “In contrast, Doctor Profit, another crypto analyst on X, anticipates a modest increase in Bitcoin’s price if a significant shift occurs.”
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2024-04-14 11:37