May 25, 2024
Bitcoin Price Today is $59,066, Mirrors Post US Spot Bitcoin ETFs
Bitcoin price today

Bitcoin Price Today is $59,066, Mirrors Post US Spot Bitcoin ETFs

Friday, May 03, 2024: Bitcoin Price Today is $59,066. The recent downturn in Bitcoin’s price following the launch of the United States-based spot Bitcoin ETFs in January has sparked speculation among traders. Despite the launch of spot Bitcoin ETFs in Hong Kong on April 30, which saw approximately $217 million in net inflows, Bitcoin’s price has seen a decline of almost 7% since the products were introduced, according to CoinMarketCap data.

Source: TradingView

Similarities to Previous Trends

Quinten Francois, co-founder of WhereAt Social and a crypto trader, pointed out similarities between the current market behavior and the launch of spot Bitcoin ETFs in the U.S. Francois suggested that if Bitcoin continues to follow a similar trend as it did after the U.S. ETF launch, an upswing could be expected in the “next week or so.” He noted that after the launch of U.S. spot Bitcoin ETFs, Bitcoin’s price initially fell by 14% within 12 days before rebounding by 7% over the following seven days.

Source: Quinten|048.eth

Differences and Concerns

Despite these parallels, there are notable differences between the two ETF launches. While Hong Kong Bitcoin ETFs have seen net inflows of $217 million, U.S. ETFs experienced outflows of $794 million over a similar period. Additionally, Hong Kong-based ETFs saw only $12.4 million in trading volume on their first day, significantly less than the $4.6 billion first-day trading volume of U.S. spot Bitcoin ETFs. Some traders express concerns that inflows from Hong Kong may not be sufficient to offset recent outflows from the U.S., potentially impeding a similar breakout pattern.

Market Corrections and Perspectives

While some traders view the recent price decline as a healthy market correction for Bitcoin, others remain optimistic about its long-term trajectory. Titan of Crypto emphasized that prolonged consolidation could lead to higher prices meeting the trendline, while CryptoCon and AirBtc’s Handre van Heerden underscored the resilience of Bitcoin enthusiasts in the face of price fluctuations. Despite varying opinions, market observers continue to monitor Bitcoin’s performance amidst global economic and geopolitical dynamics.

Image by wirestock on Freepik

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