Unexpected $200 million leaves Bitcoin ETFs; can the new $69K support hold?

Written by Rock Buivy

Post Date: 14 Apr, 24

Fears are aroused by sluggish inflows into Bitcoin ETFs, and the price of bitcoin takes an uncertain turn.

On April 9, after the initial enthusiasm following the weekly closure subsided, Bitcoin dropped below $70,000.

ETFs for bitcoin struggle on a “very slow” day

Before the Wall Street Open, TradingView data indicated that the decline in the price of bitcoin was gaining traction.

The day’s low of $69,635 on Bitstamp signified a 4.3% decline from the local high of the prior day, and this was accompanied by a shaky short-term attitude.

The first Wall Street trading session of the week largely let down Bitcoin bulls.

The day’s net flows were significantly negative due to the $300 million withdrawal from the Grayscale Bitcoin Trust (GBTC) and the low capital inflows from US spot Bitcoin exchange-traded funds (ETFs).

Data from sources such as the UK investment firm Farside indicates that net outflows came to somewhat over $200 million.

Surprisingly, ETF flows were noticeably negative yesterday despite Bitcoin’s surge. One of the biggest days ever that we have had,” replied popular expert Mark Cullen on X (formerly Twitter).

Still, the two biggest ETFs, the Wise Origin Bitcoin Fund (FBTC) from Fidelity Investments and the iShares Bitcoin Trust (IBIT) from BlackRock, avoided losses and continued to receive inflows.

Following the bankruptcy announcement last week by bankrupt cryptocurrency lender Genesis that it had finished its own multibillion-dollar dumping of GBTC shares, which it would use to purchase BTC, market players had anticipated an improvement in net flows.

Popular analyst WhalePanda included the following in his own follow-up analysis: “Overall a very slow day for ETF flows considering the price action.”

Although EFTs are typically held for a long time, there may be profit taking.” The 15th is US Tax Day; I’m not sure how much that matters.

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Traders adhere to their desired BTC price points

Meanwhile, traders watched the short-term price activity of Bitcoin for indications of an upward reversal.

Trader Crypto Ed set a goal of $80,000 at the start of the week, but his first objective was $73,000, hoping to continue rising.

Another trader, Jelle, added, “Bitcoin successfully retested the 2021 cycle high – but bears are going for a second attempt of pushing prices lower,” alluding to the day’s rebound to almost $69,000.

It’s time to wait and see what happens today. After the price keeps rising above $71,400, fresh all-time highs will follow.

An additional post upheld a $82,000 breakout target.

Some, like trader and chartist Credible Crypto, were more cautious and reiterated an old hypothesis that predicted a new BTC price drop to $60,000 or less.

covered the rise to the current highs as well as the pullback that I anticipate coming next. The X update said, “Nothing has changed.

In the realm of cryptocurrency trading, traders are known to diligently adhere to their preferred Bitcoin (BTC) price points, often with unwavering determination.

These price points serve as pivotal markers, guiding their buying and selling decisions in a volatile market landscape.

Whether they anticipate a bullish surge or a bearish downturn, traders meticulously set these thresholds based on their analysis of market trends, technical indicators, and fundamental factors.

These chosen price levels are not arbitrary but rather the result of careful analysis and strategic planning.

Traders meticulously calculate these points to optimize their trading strategies, aiming to capitalize on potential price movements while minimizing risks.

As BTC prices fluctuate, traders closely monitor the market, ready to execute trades the moment prices align with their predetermined targets.

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