Summary
BTC has dropped to $68,000 after being around $70,000, with outflows from US spot Bitcoin ETFs contributing to the decline. The US CPI data for March 2024 is also anticipated, which may be affecting the market. Hong Kong plans to release spot Bitcoin ETFs, but the impact on BTC’s price has been minimal so far. Demand for Bitcoin from whales and long-term holders is increasing, potentially leading to price increases.
Key Points
1. Bitcoin (BTC) has retreated to the $68,000 range after hovering around $70,000 for several days. BTC is currently trading at $69,100, marking a recent decline.
2. This downturn aligns with two consecutive days of negative outflows for US-traded spot Bitcoin exchange-traded funds (ETFs).
3. Spot Bitcoin ETFs experienced outflows totaling $223.8 million on April 8, 2024, followed by $18.6 million on April 9, 2024. Grayscale Bitcoin Trust (GBTC) remains the primary driver of these outflows, with a total of $458.2 million over the two days.