May 23, 2024
Bitcoin's at $70,794, Bitcoin ETFs Observed $200M Outflow
Bitcoin price today

Bitcoin’s at $70,794, Bitcoin ETFs Observed $200M Outflow

Tuesday, April 9, 2024: Bitcoin Price is $70,794, experienced a decline early in the day, dropping below $70,000, following the initial excitement from the weekly close. According to data from Markets Pro and TradingView, the downward trend in BTC price gained momentum ahead of the Wall Street Open.

BTC/USD 1-hour chart. Source: TradingView

The day witnessed Bitcoin reaching lows of $69,635 on Bitstamp, marking a 4.3% decrease compared to the previous day’s local high. The short-term sentiment remained uncertain amidst this fluctuation.

Negative Trends in ETF Flows Impact on Bitcoin’s Performance

The first trading session of the week on Wall Street disappointed Bitcoin bulls as the United States spot Bitcoin exchange-traded funds (ETFs) observed minimal capital inflow. Additionally, there was a significant outflow of $300 million from the Grayscale Bitcoin Trust (GBTC), resulting in overall negative net flows for the day.

Data from various sources, including United Kingdom investment firm Farside, revealed that net outflows surpassed $200 million. This unexpected trend was highlighted by analyst Mark Cullen, who noted the contrast between Bitcoin’s price surge and the negative ETF flows.

Bitcoin ETF flows (screenshot). Source: Farside

Despite the overall negative trend, the two largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) managed to maintain inflows, maintaining a consistent streak.

Mixed Sentiments and Future Predictions

Market participants had anticipated an improvement in net flows following Genesis, a bankrupt crypto lender, completing a multibillion-dollar offloading of GBTC shares. However, the slow day for ETF flows prompted speculation, with some attributing it to potential profit-taking ahead of the upcoming US Tax Day on the 15th.

Source: Crypto Ed

Traders and analysts expressed varied sentiments regarding the short-term price action of BTC. While some, like Trader Crypto Ed, maintained a bullish outlook with a target of $80,000 and looked for upward continuation towards $73,000, others, such as Trader Jelle, remained cautious, awaiting confirmation above $71,400 for potential new all-time highs.

Trader and chartist Credible Crypto reiterated a theory anticipating a price dip for BTC to $60,000 or lower. Despite the divergence in opinions, the general sentiment suggested a wait-and-see approach amidst the ongoing market dynamics.

BTC/USD chart. Source: Credible Crypto/X

Image by fabrikasimf on Freepik

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