Bitcoin ETF

Bitcoin

April

<p>On Monday, the world’s largest cryptocurrency Bitcoin made a strong move to $72,000 attempting a new all-time before the <a href="https://coingape.com/glossary/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin halving</a> event. Interestingly, on the other hand, the Bitcoin ETF market turned negative with outflows to the tune of $200 million. The BTC price continues to hold firmly above $71,000 as of now.</p> 
<h3 id="bitcoin-eth-flows-turn-negative">Bitcoin ETH Flows Turn Negative</h3> 
<p>After registering $485 million of inflows during the last week, the Bitcoin ETF market has registered net outflows once again. On Monday, April 8, the total outflows from the newly launched spot Bitcoin ETFs were $223 million, as per <a rel="nofollow" href="https://farside.co.uk/?p=997" target="_blank">data</a> from Farside Investors.</p> 
<p>As usual, the Grayscale Bitcoin ETF was the major show spoiler with outflows surging past $300 million. On the other hand, the inflows have also dried up considerably with BITB recording the most at $40 million. It seems that investors are taking a cautious stand ahead of the <a href="https://coingape.com/bitcoin-btc-price-stabilizes-before-march-cpi-data-and-fomc-meet/" target="_blank" rel="noopener">March CPI data</a> release.</p> 
<h3 id="halving-and-btc-price-action-ahead">Halving and BTC Price Action Ahead</h3> 
<p>With the halving event looming just 11 days ahead, Bitcoin’s price is on the verge of surpassing the previous all-time high, which was only breached four weeks ago. Traders are buoyed by the prospect of reaching a post-halving market value of $80,000 to maintain mining profitability. On the other hand, some popular personalities like Arthur Hayes predict a <a href="https://coingape.com/bitmex-ceo-arthur-hayes-predicts-btc-price-slump-after-bitcoin-halving/" target="_blank" rel="noopener">Bitcoin price slump</a> in and around the halving period.</p> 
<p>As of press time, the BTC price is trading 2.35% up at $71,264 with a market cap of over $1.402 trillion. If BTC manages to sustain at this level, it can trigger the next leg of rally all the way to $85,000, says crypto analyst Ali Martinez.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> appears to be breaking out! If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> can hold above $70,800, the next target becomes $85,000! <a href="https://t.co/JPLf18KZvt">pic.twitter.com/JPLf18KZvt</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1777249436202082387?ref_src=twsrc%5Etfw">April 8, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Bitcoin (BTC) has exhibited significant price volatility in recent times, hovering around the $70,000 mark as holders capitalize on gains, as per the latest analysis from the “Bitfinex Alpha” report. Both short-term (STH) and long-term holders (LTH) are offloading a portion of their holdings as the upcoming halving event draws near.</p> 
<p>“Bitcoin is currently experiencing a consolidation phase, navigating a sideways range between $65,000 (range low) and $71,000 (range high). This movement indicates that the price is beginning to stabilize, even as the price fluctuates,” the report states.</p> 
<p>The post <a href="https://coingape.com/bitcoin-etf-flows-turn-negative-but-btc-price-holds-firm-at-71300/">Bitcoin ETF Flows Turn Negative But BTC Price Holds Firm At $71,300</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETF Flows Turn Negative But BTC Price Holds Firm At $71,300

Table of Contents

Coingape News Media

Другие статьи, опубликованные 9 апр. 2024 г.

Tesla Back As Ark's Darling: EV Giant Reclaims Top Spot In Cathie Wood's Flagship Fund After Over...

Bitcoin Halving 2024: Analysts Warn of Potential “Sell-the-News” Scenario

Google DeepMind vs. OpenAI: The Race in AI Video Generation Heats Up

Elite Analyst Shares Bitcoin Layer 2s Poised for 20-100x Growth as BTC Halving Approaches

Crypto Trading Bots: Different Horses For Different Courses

PHILosoRaptor Announces the Arrival of PHIL the New Meme Token on Solana

Join our free newsletter for daily crypto updates!