Bitcoin ETF Flows Turn Negative But BTC Price Remains Steady at $71,300
On Monday, the world’s largest cryptocurrency, Bitcoin, made a strong move to $72,000 to set a new all-time record ahead of the Bitcoin halving event. On the other hand, interestingly, the Bitcoin ETF market turned negative with outflows of $200 million. BTC price remains above $71,000 as of now.
Bitcoin ETH Flows Turn Negative
The Bitcoin ETF market, which recorded an inflow of $485 million last week, once again recorded a net outflow. Total outflow from newly launched spot Bitcoin ETFs on Monday, April 8 was $223 million, according to data from Farside Investors.
As usual, Grayscale Bitcoin ETF was the biggest surprise of the fair, with outflows exceeding $300 million. On the other hand, inflows also decreased significantly, with BITB reaching the highest figure at $40 million. It seems that investors are being cautious before the March CPI data.
Halving and BTC Price Movement Ahead
With just 11 days until the halving, the Bitcoin price is on the verge of surpassing the all-time high that was broken just four weeks ago. Investors are buoyed by the prospect of reaching $80,000 market cap after the halving to maintain mining profitability. On the other hand, some popular people such as Arthur Hayes predict that the price of Bitcoin will decrease in and around the halving period.
As of writing, BTC price is trading at $71,264, up 2.35%, and its market capitalization is over $1.402 trillion. Crypto analyst Ali Martinez says that if BTC manages to stay at this level, it could trigger the next leg of the rally up to $85,000.
According to the latest analysis from the “bitfinex Alpha” report, Bitcoin (BTC) has exhibited significant price volatility recently and is hovering around $70,000 as holders benefit from gains. Both short-term (STH) and long-term holders (LTH) are shedding some of their holdings as the upcoming halving event approaches.
“Bitcoin is currently experiencing a consolidation phase and is trending sideways between $65,000 (low range) and $71,000 (high range). The report states, “This movement shows that the price has begun to stabilize, even if the price fluctuates.”
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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