Despite four days of Bitcoin exchange-traded funds (ETFs) losing money, the Bitcoin price has climbed back above $66,000. Grayscale ETF Outflows Grayscale’s ETF (GBTC) had a huge outflow yesterday, losing $358 million in a single day. This brings GBTC’s total outflow to $13.63 billion. BlackRock ETF Inflows In contrast, BlackRock’s Bitcoin ETF (IBIT) gained $233…
Bitcoin Spot ETFs have seen four straight days of withdrawals, leading to price declines across the crypto market. Outflows Led by Grayscale The Grayscale Spot ETF has been the main driver of the outflows, with investors expressing concerns about its high fees. This is the second time Spot ETFs have experienced four consecutive days of…
Mass Liquidations Bitcoin’s recent surge above $67,000 triggered nearly $300 million in liquidations. Over 86,000 traders faced losses, with Binance alone accounting for $128.7 million. Short positions (bets against the market) were the hardest hit, making up 57.55% of the liquidations. Bitcoin’s Recovery Despite a recent dip, Bitcoin has recovered, increasing its value by 6%…
Bullish Sentiment Fuels Predictions Crypto expert Michaël van de Poppe believes Bitcoin could reach $500,000 in the long term. He cites the “overly bullish sentiment” as a major factor supporting this prediction. Corrections Along the Way Van de Poppe acknowledges that “corrections will happen and they will be rough” on the road to $500,000. However,…
Despite the recent dip in Bitcoin’s price, Ki Young Ju, CEO of Crypto Quant, believes the bull market is far from over. Bullish Indicators Ju points to the percentage of Bitcoin’s Realized Cap across different age bands, which shows a positive outlook for 2024. He also credits the success of Spot Bitcoin ETFs as the…
Bitcoin Recovery After a sharp drop, Bitcoin has bounced back, rising from $61,000 to $67,000 on Wednesday. This has sparked optimism that a bullish trend may be on the horizon. However, Bitcoin is still below its all-time high of $73,000 reached last week. Correction Bottomed Out? Crypto experts believe that the recent price correction may…
Bitcoin’s recent surge from $60,000 to $68,000 has sparked optimism, but the cryptocurrency still faces obstacles in reaching its all-time high. ETF Outflows Weigh on Bitcoin Spot Bitcoin ETFs, which once fueled Bitcoin’s rise, are now experiencing outflows. Investors are withdrawing from the Grayscale Spot Bitcoin ETF due to high fees, mirroring a similar trend…
Key Reasons: 1. FOMC Meeting: Optimism from Powell’s Remarks Federal Reserve Chair Jerome Powell’s dovish tone in the FOMC meeting reassured investors. Powell indicated potential interest rate cuts in 2024, despite high inflation. 2. Coinbase Premium Turns Green: Demand for Spot ETFs The Coinbase Premium, which reflects demand for spot Bitcoin ETFs, shifted to positive…
Current Market Conditions Top crypto analyst Markus Thielen cautions against buying the recent dip in the crypto market. He believes that the conditions are not yet right for such a strategy. Bearish Outlook Thielen’s analysis suggests that Bitcoin (BTC) and Ethereum (ETH) may continue to decline before any significant rally. He identifies $60,000 as a…
Experts Weigh In Bitcoin has taken a hit, dropping from over $73,600 in March to around $60,800 today. This has sent shockwaves through the crypto community. Causes of the Crash Experts have identified several reasons for the decline: Excessive leverage: Traders were borrowing too much money to invest in Bitcoin. Ethereum’s influence: Ethereum’s price drop…
