By
Godfrey Benjamin
April 29th, 2024
On Monday, the Bitcoin Fear and Greed Index went up from 72 to 74, moving into the Extreme Greed zone. This could mean a drop, but BTC spot ETF market flow data will be very important for figuring out short-term trends.
In the face of international unrest, Bitcoin (BTC) enjoyed a slight gain of 1.74% on Sunday, closing at $66,013. The fact that Iran had warned Israel about an impending strike reduced investors’ initial concerns about immediate retaliation while giving investors a good excuse to concentrate on the impending Bitcoin halving event.
As investors shift their focus to the upcoming Bitcoin halving event 2024, attention is drawn to BTC spot ETF flow data and updates from the Middle East.
Geopolitics: Investors Find Relief from News of Pre-Warning
The slight gain in Bitcoin price on Sunday partially reversed a 3.78% slide from Saturday, marking the end of a three-day losing streak. Investors were pleased to hear that Iran had warned Israel ahead of time of an upcoming attack. This brought hope that things would not get uglier in the region.
Nevertheless, Bitcoin was unable to overcome its Saturday losses. There was further worry about the impending Bitcoin Halving event owing to the threat of growing hostilities in the Middle East.
Bitcoin Halving 2024 Countdown
Investors are keeping a close eye on the supply and demand balance given that the Bitcoin halving event is scheduled for April 19, 2024.
The event happens every four years and cuts in half the prize for mining new blocks. The Bitcoin Fear and Greed Index moved closer to the Extreme Greed zone as the halving event is approaching. This suggests that prices may potentially drop from where they are currently.
At the moment, it is expected that Bitcoin halving 2024 will take place on April 20.
Bitcoin (BTC) Spot ETF Flow Data and Market Trends
Even though global tensions have eased, the net inflows into BTC spot ETFs on Monday are essential for understanding the demand picture after the halving event. New data shows that $82.8 million left the Bitcoin market in the week ending April 12. This could have an immediate effect on the short-term demand for Bitcoin.
Nikkei Asia reports that Hong Kong has taken a big step toward accepting cryptocurrencies as mainstream alternatives to make investments. The Hong Kong Securities and Futures Commission (SFC) has approved the first spot Bitcoin and Ethereum exchange-traded funds.
Bosera Asset Management and China Asset Management, two well-known financial institutions, said that the ETFs could now be launched after getting regulatory permission. This is a major turning point for crypto investments in the area.
Bitcoin (BTC) Fear and Greed Index Signals
On Monday, the Bitcoin Fear and Greed Index went up from 72 to 74, moving into the Extreme Greed zone. This could mean a drop, but BTC spot ETF market flow data will be very important for figuring out short-term trends. The change in the index shows how investors feel and can affect their decisions to buy or sell.
Capitalize on #Bitcoin. pic.twitter.com/KXKYzSWlQ1
— Michael Saylor⚡️ (@saylor) April 14, 2024
MicroStrategy’s founder and chairman Michael Saylor shared a success chart on Sunday with the words “Capitalize on Bitcoin” alongside it. He was urging others to take advantage of the possibilities Bitcoin offered.
At the time of writing, Bitcoin is trading at $66,392 versus the US dollar, with a market value of $1.307 billion. This latest 2.5% gain has been spurred by favorable news from Hong Kong, which saw the adoption of Asia’s first Bitcoin ETF.