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The past week has been a rollercoaster ride for the Spot Bitcoin ETFs, marked by dramatic shifts in investor sentiment and significant fund flows. The week kicked off with a jolt these ETFs experienced a staggering outflow of $223.8 million on Monday, setting a new record for the largest outflow in Bitcoin ETF history.
Spot Bitcoin ETF Outflows Surge
The outflow trend continued, albeit on a smaller scale, with $18.6 million in total net outflows across various key funds on Tuesday. However, a sudden reversal took place on Wednesday as Bitcoin ETFs saw a resurgence in inflows, totaling $123.7 million collectively.
Moreover, GBTC outflows plunged to a low of $17.5 million while BlackRock’s IBIT witnessed $33.3 million inflows. Meanwhile, Fidelity Wise Bitcoin ETF (FBTC) topped with $76.3 million influx. This turnaround instilled renewed optimism among investors, signaling a potential shift in market sentiment.
On Thursday, the Spot Bitcoin ETFs registered inflows of $91.3 million. However, GBTC witnessed a staggering outflow amounting to $124.9 million despite the rebound on Wednesday. Whilst, the BlackRock Bitcoin ETF experienced substantial inflows of $192.1 million.
The week concluded with further fluctuations in fund flows on Friday, as the total outflow reached $55.1 million. GBTC accounted for a substantial portion of the outflows, with $166.2 million, while BlackRock’s ETF attracted $111.1 million in inflows. Hence, the week’s total outflows surged to $82.5 million.
Also Read: Bitcoin (BTC) Price Prediction April 2024, 2025, 2026, 2030, 2040 – 2050
Bitcoin Price Crash
The Bitcoin price crashed on Saturday, April 13, following a weak of week ETF inflows. Moreover, massive liquidations also catalyzed the plunge. Furthermore, the bearish sentiment spread throughput the market with traders aggressively liquidating long positions.
On Sunday, April 14, Bitcoin even reached a low of $60,900 as the crash expedited. At press time, the Bitcoin price was down by 4.04% to $64,602.22 on Sunday. Whilst, it held a market cap of $1.27 trillion. However, the trading volume for BTC surged 23.99% to $59.76 billion.
Moreover, according to Coinglass, a gigantic $342.03 million worth of BTC was liquidated in the last 24 hours. Out of this, a whopping $263.67 million liquidations were attributed to long positions, which could have accelerated the Bitcoin price decline. On the contrary, crypto analysts have expressed optimism toward BTC’s future.
Ben Armstrong, aka BitBoy Crypto, is a crypto influencer who doubled down on his prediction that BTC would touch $100,000 in 2024. In addition, Michaël van de Poppe, a crypto analyst, noted that the Bitcoin bull run hasn’t even started.
He stated the rally till now was in response to the launch of Spot Bitcoin ETFs. In addition, he advised to buy the dip and choose altcoins that have reached a low in comparison to BTC’s valuation. Furthermore, with the Bitcoin Halving event around the corner, the BTC price is expected to attain new highs.
In contrast, Doctor Profit, another crypto analyst on X, expects a limited hike in the BTC price if a big move strikes in. Amid the bearish trend, he took to X and wrote, “The next big move is up only to 77-78k.”
Also Read: Ben Armstrong Optimistic Over Bitcoin Price Rally To $100K Despite Crash
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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