On Monday, Bitcoin, the most significant cryptocurrency globally, surged towards a new record high of $72,000, making a bold attempt before the upcoming Bitcoin halving event. In contrast, however, the Bitcoin ETF market displayed a downward trend with withdrawals totaling approximately $200 million.
Bitcoin ETH Flows Turn Negative
Last week, Bitcoin ETFs attracted approximately $485 million in new investments. However, this trend has since reversed, with a total of $223 million in outflows recorded on April 9, according to Farside Investors’ data.
Typically, the Grayscale Bitcoin ETF led the way in substantial outflows, exceeding $300 million. Meanwhile, inflows have noticeably decreased as well, with BITB experiencing the largest outflow at approximately $40 million. It appears that investors are adopting a wait-and-see approach prior to the release of the March Consumer Price Index data.
Halving and BTC Price Action Ahead
In eleven days, the bitcoin halving will occur, and as a result, the price is very close to breaking its previous record high. This milestone was reached just a month ago. The excitement among traders is palpable, as they anticipate reaching a market value of $80,000 following the halving to ensure mining remains profitable. Contrarily, some prominent figures such as Arthur Hayes are forecasting a potential price drop for bitcoin around the time of the halving event.
At the current moment, bitcoin’s price is increasing by 2.35% to reach $71,264. This value gives bitcoin a market capitalization that exceeds $1.402 trillion. If bitcoin holds this position, crypto expert Ali Martinez predicts it could initiate another surge towards $85,000.
Bitcoin seems to be making a significant move upward! Should it manage to stay above the $70,800 mark, the next potential milestone lies at $85,000.
— Ali (@ali_charts) April 8, 2024
Bitcoin’s price has been unstable lately, sitting around $70,000 according to the “Bitfinex Alpha” study. Investors are taking profits, causing some sell-off. Both short-term and long-term investors are reducing their holdings in preparation for the upcoming halving event.
“The value of Bitcoin is presently going through a period of calm, hovering around the price range of $65,000 to $71,000. This volatility suggests that the price is starting to level out, despite the ongoing price swings,” the report explains.
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2024-04-09 08:25