#WRITE2earn Market Trends Update: #Bitcoin and #Ether Prices, Watch #MarketDecline #EthereumDown
Bitcoin (BTC) experienced a drop of almost 4%, dipping below $62,500 during the early hours of the Asian business day. At the same time, Ether (ETH) is holding steady above the $3,000 mark.
The Bitcoin Trend Indicator (BTI) has shifted from bullish to neutral, indicating a waning of upward momentum. This indicator, updated daily, communicates both the direction and strength of Bitcoin's price trends through a specialized algorithm.
Since October 2023, the Bitcoin BTI has consistently signaled an uptrend or a significant upward movement, coinciding with reports of major fund managers nearing discussions' end with the Securities and Exchange Commission (SEC) regarding the launch of spot bitcoin exchange-traded funds (ETFs).
Similarly, Ether's trend indicator has also reached a neutral position.
Market data reveals that on April 15, there were no outflows from any bitcoin ETFs except for GBTC. The total flow for last week saw a negative of $82.5 million, primarily due to outflows from GBTC.
Matteo Greco, a Research Analyst at Fineqia, noted in a statement shared with CoinDesk that despite the market downturn, trading volumes remained strong. BTC Spot ETFs recorded a weekly trading volume of about $16.2 billion, averaging $3.2 billion per day. Since inception, the cumulative trading volume stands at approximately $212 billion, with an average daily trading volume of around $3.3 billion.
Meanwhile, a recent report from Watchcharts.com and Morgan Stanley highlights a continued decline in luxury watch prices. The report suggests that despite the robust performance of equity and crypto markets, which might have temporarily eased downward pressure on prices, the secondary market for watches saw sequential contraction in the first quarter. High inventory levels are cited as a primary reason for the ongoing decline in market prices, leading the report to conclude that it's premature to anticipate an immediate recovery in the secondary watch market.
