On Wednesday, there was a total withdrawal of approximately $165 million from Bitcoin ETFs, marking the fourth straight day of outflows this week. Global investors are keeping a close eye on the highly anticipated Bitcoin halving event, scheduled for later in the year.
The cost of a bitcoin dipped down to $59,678 due to deteriorating emotions in the crypto market. The Crypto Fear & Greed Index reached its lowest point this year at 57 points, decreasing from 77 points just a week prior.
Spot Bitcoin ETF Outflows Climb to $165 Million
On April 18, as reported by Bloomberg and Farside Investors, the total withdrawal amount from Bitcoin spot ETFs amounted to $165 million. Notably, the demand for buying these ETFs has decreased noticeably in recent days due to tax filing obligations in the US. The trading volumes of the nine ETFs reached approximately $2.7 billion on April 18.
This week, the amount of money leaving Grayscale GBTC has decelerated noticeably. Yet, there was a significant surge in outflows on April 17, reaching $133.1 million compared to $79.4 million previously. As a result, the total outflows for the Grayscale Bitcoin ETF now amount to approximately $16.59 billion.
On Wednesday, there were outflows totaling $46.0 million from two Bitcoin ETFs – the Ark 21 Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB). Specifically, ArKB experienced an outflow of $42.7 million, while BITB had its initial outflow amounting to $7.3 million.
The iShares Bitcoin ETF managed by BlackRock (IBIT) experienced a modest inflow of only $19.1 million, marking a significant decrease from previous inflows. After this latest addition, BlackRock’s total net inflows reached approximately $15.37 billion, and the value of its assets surpassed $16.64 billion.
The Fidelity Bitcoin ETF (FBTC) and other Bitcoin spot ETFs didn’t receive any new investments recently. However, according to Bloomberg ETF analyst James Seyffart, this isn’t necessarily a sign of failure for Bitcoin ETFs. It’s normal for these funds to experience days with no inflows.
Bitcoin Price Tumbles Below $60K
The price of Bitcoin dropped around 5% within the past 24 hours, following a downward trend. At present, Bitcoin is being bought and sold at approximately $61,151. Over the same timeframe, the highest and lowest prices were recorded as $64,025 and $59,678 respectively. Additionally, there’s been an uptick of 7% in trading volume as investors keep a watchful eye for potential buying opportunities.
Based on recent studies and findings, there are indications that the price of Bitcoin could drop to around $55,000 before the upcoming halving event, providing investors with a possible chance to purchase at a lower cost.
The latest data from Coinglass shows that the open interest for Bitcoin futures and options has decreased by a small margin of around 3% within the past 24 hours. This amounts to a total of $30.63 billion in open contracts, with recent trading seeing a notable increase in sellers.
Read More
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD MYR PREDICTION
- ZKJ PREDICTION. ZKJ cryptocurrency
- PSTAKE PREDICTION. PSTAKE cryptocurrency
2024-04-18 09:53