Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
The recent sight of ETF outflow aligns with Bitcoin’s downward trajectory. The cryptocurrency lost 13% of its worth over the past week.
Spot Bitcoin exchange-traded funds have seen steady trading volumes in April after reaching a peak in early March, maintaining solid activity around $215 billion.
GBTC’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
GBTC, the largest Bitcoin trust globally, continues to face outflows, with $110.1 million exiting the fund on April 15, a decrease from $166.2 million on April 14.
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 crypto market has regained traction following the approval of the ETFs in Hong Kong.
BlackRock has started heavy advertising for its IBIT Bitcoin ETF on Bloomberg’s home page to leverage its position in the current market momentum.
21,000 Bitcoin options are set to expire having a notional value of $1.5 billion and a put call ratio of 0.62. The max pain point for the expiry currently stands at $69,000.
Referencing the recent dismissal of the SEC claim against the Coinbase Wallet, Paul Grewal reiterated that the SEC can’t claim Uniswap is a broker.
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