Fun

Bitcoin price falls under $62K amid wavering spot BTC ETF demand

News Feed - 2024-04-17 05:04:46

Nancy Lubale3 hours agoBitcoin price falls under $62K amid wavering spot BTC ETF demandBitcoin price slipped below $62,000 as capital flows into the spot Bitcoin ETFs continue to taper off.1302 Total views33 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) price fell 3% on April 16 as crypto investors entered a risk-off mode amid stagnating ETF demand.


Data from Cointelegraph Markets Pro and TradingView showed local BTC price lows of $61,709 on Binance shortly after the Wall Street open on April 16.BTC/USD daily chart. Source:TradingView


Bitcoin joined U.S. stock indexes in heading lower on the day, as the U.S. dollar Index reached a six-month-high of 106.17.


On april 15, capital flows into the spot Bitcoin exchange-traded funds (ETFs) recorded $36.7 million in net outflows, according to data from Farside Investors.Bitcoin ETF flows table. Source: Farside Investors


“Bitcoin ETF demand has stagnated for 4 weeks,” the founder and CEO of CryptoQuant Ki Young Juwrote in part of his latest comment on BTC price on X.


Placing emphasis on the slowing inflows into the spot Bitcoin ETFs, Farside Investors data revealed that only Grayscale and BlackRock have had flows on Friday, April 12 and Monday, April 15, as every other fund recorded zero flows.


The latest report by CryptoQuant also reveals that demand growth for Bitcoin from ETFs in the U.S. has slowed down.“Demand from ETFs (blue line) has also slowed down significantly from its March peak.”Bitcoin demand from permanent holders and ETFs. Source: CryptoQuant


Meanwhile, an earlier report by Cointelegraph revealed that Bitcoin whales were holding onto their coins despite the recent ongoing drawdown in BTC price.


Young Ju’s observations corroborate this, showing that accumulation has increased despite the tapering spot Bitcoin flows.“On-chain accumulation remains very active, even when excluding ETF settlement transactions.”


Related:How low can Bitcoin price go? Analysis disputes ‘black swan event’


The news on spot Bitcoin ETF approval in Hong Kong failed to spark a pre-halving rally in BTC price.


Boxmining founder Michael Gu said HK spot Bitcoin ETFs “serves as a testbed for China money to enter the system.”BTC price needs to consolidate before new all-time highs


Analyzing the current Bitcoin market structure, crypto analyst and partner at MV Capital Tom Dunleavy noted that the percentage of realized value of long-term holders was over 40%, way above the 10% that has historically defined BTC tops.“With a number of continued catalysts (Halving, further ETF flows, BTC L2s), we think there is no reason to suspect a near-term sustained pullback. Full speed ahead to $150k by early 2025.”Bitcoin realized value HODL waves. Source: Glassnode


While remaining optimistic, position trader Bob Loukas examined a number of indicators on the daily chart as grounds to suspect a consolidation of the BTC price over the next two months before making a convincing run into price discovery.Source:Bob Loukas


CryptoQuant analysts added,“Investors have reduced their exposure to BTC ahead of this week’s Bitcoin halving(expected by April 20) and could be waiting on the sidelines for the situation in the Middle East to deescalate.”


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Cryptocurrency Exchange# Price Analysis# Market AnalysisAdd reaction

News Feed

Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply
Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off
$1.7 Billion in NFT Sales Fueled by Otherdeed Trades — NFT Volume Jumps 74% Higher Than Last Week
$1.7 Billion in NFT Sales Fueled by Otherdeed Trades — NFT Volume Jumps 74% Higher Than Last Week With the help of the Bored Ape Yacht Club’s Otherside land sale, non-fung
YieldNest launches new liquid restaking token
Alex O’Donnell3 hours agoYieldNest launches new liquid restaking tokenStakers with Lido, Frax, Origin and Mantle can “restake” with the DeFi protocol. 227 Total views1 Total sharesListen to article 0:00NewsOwn thi
NGO Announces Plan to Use NFTs for Famine Victims of Ethiopia Tigray War
NGO Announces Plan to Use NFTs for Famine Victims of Ethiopia Tigray War A non-governmental organization (NGO), Save Tigray, has announced it will be using the p
Arijit Sarkar58 minutes agoKansas adjourns crypto bill targeting political donations to January 2024The bill required politicians to “immediately convert” crypto donations to U.S. dollars, with no scope of expenditur
Over 80% of recent Binance token listings are bleeding red
Zoltan Vardai12 hours agoOver 80% of recent Binance token listings are bleeding redMost of the newly launched tokens function as “exit liquidity” for insiders capitalizing on the lack of retail access due to their hi
Bitcoin, Ethereum Technical Analysis: BTC Remains Above $40,000 Despite Recent Pullback
Bitcoin, Ethereum Technical Analysis: BTC Remains Above $40,000 Despite Recent Pullback Following a rise to a high beyond $41,700 earlier this week, bitcoin’s price has fall
Ana Paula Pereira9 hours agoBitget and crypto influencer embroiled in legal saga after Reel Star token listing fiascoEvan Luthra says Bitget froze his account in April. The exchange claims it was done on suspicions of ma
$19.2 Billion in Staked Assets — Liquid Staking Solution Lido Set to Surpass Curve’s TVL
$19.2 Billion in Staked Assets — Liquid Staking Solution Lido Set to Surpass Curve"s TVL While the total value locked (TVL) in decentralized finance (defi) hovers just above the
Solana ‘Still Wants Lower’ As Meme Coins Face A Major Shakeout – Analyst
Este artículo también está disponible en español. Solana has faced significant downward pressure in the past few days, dropping over 15% as the broader crypto market expe
Prashant Jha13 hours agoCore Scientific seals $77M Bitmain deal for 27K Bitcoin mining rigsThe deal was first finalized in August, with Anchorage as another party agreeing to an equity stake in the bankrupt crypto miner.
Ethereum Liquid Staking Trend Continues to Swell; 5 Platforms Control 97% of Market
Ethereum Liquid Staking Trend Continues to Swell; 5 Platforms Control 97% of Market As of Feb. 7, 2023, the value locked in 11 Ethereum-based liquid staking protocols has risen abo