Bitcoin spot ETFs have witnessed sustained capital outflows, with 5,176 BTC exiting in Week 16, marking the third consecutive week of net outflows. Analysts anticipate an additional 1,310 BTC to flow out at Monday's opening.
Three Consecutive Weeks of Net Outflows | HODL Capital
Among the U.S. Bitcoin spot ETFs, Grayscale's GBTC recorded the highest outflow, totaling around 1,395 BTC, equivalent to a fund outflow of $89.04 million. The combined holdings of eleven Bitcoin spot ETFs currently stand at 833,562 BTC, with a market value of approximately $5.321 billion.
10XResearch analysts warn of potential downside risks for Bitcoin, predicting a decline to the range of $52,000 to $55,000. Factors contributing to this risk assessment include a decrease in Bitcoin miner revenue, indicating issues with Bitcoin's fair value.
Bitcoin has experienced significant price declines since reaching a historic high on March 15th, signaling exhaustion in upward momentum. 10XResearch analysts suggest that Bitcoin may have peaked in its short-term upward trend and could enter a potential downtrend towards $52,000.
The next 24 hours are deemed critical to determine whether Bitcoin will continue its descent. Analysts urge caution amid the current market conditions and advise monitoring closely for further developments.
At the time of writing, the price of Bitcoin is $62,880.
Zach Pandl, the research director at Grayscale, suggests that investor interest in BTC is likely to persist, especially with the ongoing high expenditure and a longer, higher interest rate policy prevailing in the U.S. government.
AlexDespite a brief surge following last week's Bitcoin halving, the cryptocurrency market experienced a downturn in the latter half of this week. Low trading volume has characterized the post-halving period. Among major altcoins, Ethereum attempted a rebound, nearing $3200, but without a significant reversal; Solana faces a similar situation, struggling to break the $150 resistance; Ripple has been particularly volatile amid ongoing litigation with the SEC.
MiyukiThe company cautioned that a potential reversal by the SEC of its stance, maintained since 2018, regarding Ether's classification as a security, could have dire consequences for the network, potentially stifling innovation within the US.
CatherineThe US retirement fund GRP has disclosed that it holds investment exposure in 7 Bitcoin spot ETFs.
WeiliangThe sale of an "epic sat" during Bitcoin's fourth halving event for $2.13 million marks the growing value of unique digital assets in the cryptocurrency ecosystem. With Bitcoin's inflation rate now lower than gold's, it solidifies its status as a rare and coveted store of value in the digital realm.
JoyStripe plans to reintroduce cryptocurrency transactions, focusing on improved user experiences and functionality, with a new fiat-to-crypto feature for Web3 companies by summer's end.
AlexThe team has refuted allegations of generating excessive false positives, asserting instead that its efficacy was so pronounced that it led to the cessation of a crypto drainer due to sheer frustration.
KikyoA new U.S. stablecoin bill heavily favors banks, potentially leading to a ban on the world's largest dollar stablecoin, USDT.
MiyukiThe U.S. Department of Justice has arrested and charged two co-founders of the coin mixer Samourai Wallet, with Edward Snowden criticizing the move as a violation of financial privacy.
WeiliangThailand's SEC is tightening rules against unlicensed crypto platforms, echoing similar actions in other Asian countries like the Philippines and India, while Binance faces regulatory challenges across the region.
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