Bitcoin drops sharply before the fourth halvingv#bitcoinhalving $BTC $ETH $BNB
The fourth Bitcoin halving, which will cut the new daily mining supply in half, is expected to happen on April 20. Investors and gurus are monitoring the price of Bitcoin to determine whether it will reach a new high after the halving. However, potential conflict between Iran and Israel has strongly affected market sentiment, causing the price of Bitcoin to retract strongly last week.
Hong Kong regulators are expected to greenlight Spot Bitcoin and Ethereum ETFs, managed by a subsidiary of Harvest Fund Management from China and Bosera Asset Management, in partnership with HashKey Capital. They are likely to be the first two ETFs to receive approval, with plans to launch by the end of April.
Jan van Eck, CEO of VanEck expects Ethereum ETFs to be rejected by the US SEC in May. Meanwhile, Bloomberg ETF analysts have lowered the approval probability of Spot Ethereum ETFs in May from 70% to 30%.
VanEck, one of the fund managers, managing the Bitcoin Spot ETF, reveals that traditional investors in money & equity markets have not yet invested in Bitcoin ETFs. Although there are some large entities and institutional investors, overall, 90% of ETF investors are still individuals. At present, there are no US banks officially approved or licensed as financial advisors for Bitcoin.
Bybit has released its analysis showing that Bitcoin’s supply on CEX (centralized exchanges) is likely to be completely wiped out within the next 9 months due to the fourth halving. Currently, there are only 2 million BTC left on the exchange with roughly $500 million in daily inflows from Bitcoin ETFs, estimated at 7,142 BTC.
CryptoQuant reports that buying momentum for Bitcoin ETFs has slowed over a four-week period after a peak in March. Only Grayscale and BlackRock ETFs saw capital inflows over the weekend.
The latest analysis of Intotheblock reveals that Ethereum’s Layer 2 usage after the Dencun upgrade has increased by 196%, with Base taking the lead with 57% of transactions
