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#write2earn #Bitcoin ETFs Facing Outflows Amid Crypto Market Volatility #bitcoinBloddBath #BTC #bitcoinETF $BTC Spot bitcoin ETFs listed on U.S. exchanges are gearing up for their first week of experiencing more money flowing out than in since late January. Crypto markets remained highly volatile on Friday, with bitcoin (BTC) dropping below $63,000 at one point after hovering around $67,000 just hours earlier. Though it has seen a slight recovery, the current price sits at $64,000, marking a 3.7% decrease over the past day. This sell-off had a ripple effect across the market, with Solana's token (SOL) taking a particularly hard hit, declining by more than 10% at one stage. Bitcoin's sharp decline from its recent all-time high above $73,000 over a week ago initiated a corrective phase for crypto assets. Despite a 10% rally on Wednesday following a dovish stance from the Federal Reserve, recent price movements suggest a slower recovery than anticipated. Mike Novogratz, CEO of Galaxy Digital, shared during a panel discussion at Bitcoin Investor Day in New York that reclaiming the $73,000 mark might take some time. The weak price performance coincides with four consecutive days of net outflows for U.S.-listed spot bitcoin ETFs. While most funds are still seeing inflows, they haven't been enough to offset significant outflows from the Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC witnessed $359 million flowing out, contributing to $94 million in outflows for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced its lowest daily inflow on record. This week, spot ETFs have seen over $830 million in outflows, marking their second negative week since late January when BTC corrected to $39,000. Analysts at Coinbase Institutional suggested that the increased selling of GBTC shares could be partly due to Genesis selling shares as part of its bankruptcy process.

#write2earn #Bitcoin ETFs Facing Outflows Amid Crypto Market Volatility #bitcoinBloddBath #BTC #bitcoinETF

$BTC

Spot bitcoin ETFs listed on U.S. exchanges are gearing up for their first week of experiencing more money flowing out than in since late January.

Crypto markets remained highly volatile on Friday, with bitcoin (BTC) dropping below $63,000 at one point after hovering around $67,000 just hours earlier. Though it has seen a slight recovery, the current price sits at $64,000, marking a 3.7% decrease over the past day. This sell-off had a ripple effect across the market, with Solana's token (SOL) taking a particularly hard hit, declining by more than 10% at one stage.

Bitcoin's sharp decline from its recent all-time high above $73,000 over a week ago initiated a corrective phase for crypto assets. Despite a 10% rally on Wednesday following a dovish stance from the Federal Reserve, recent price movements suggest a slower recovery than anticipated.

Mike Novogratz, CEO of Galaxy Digital, shared during a panel discussion at Bitcoin Investor Day in New York that reclaiming the $73,000 mark might take some time.

The weak price performance coincides with four consecutive days of net outflows for U.S.-listed spot bitcoin ETFs. While most funds are still seeing inflows, they haven't been enough to offset significant outflows from the Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC witnessed $359 million flowing out, contributing to $94 million in outflows for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced its lowest daily inflow on record.

This week, spot ETFs have seen over $830 million in outflows, marking their second negative week since late January when BTC corrected to $39,000.

Analysts at Coinbase Institutional suggested that the increased selling of GBTC shares could be partly due to Genesis selling shares as part of its bankruptcy process.

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#write2earn #Bitcoin Breakout: Chart Analysis Points to Potential Surge Towards $80,000 #bitcoinchartAnalysis #BitcoinpriceAnalysis #BullorBear $BTC Bitcoin's recent price movement has broken out of a triangular consolidation pattern, indicating a potential bullish trend ahead, according to analysis by 10x Research. The breakout occurred as Bitcoin surpassed the $72,000 mark on Monday, breaching the resistance line formed by connecting the highs of March 15 and March 27, as well as the support line connecting the lows of March 20 and April 3. Markus Thielen, founder of 10X Research, suggests that if the breakout remains bullish, Bitcoin could surpass $80,000 in the coming weeks, or even sooner. He advises purchasing around $69,280 and setting a stop loss at $65,000. This anticipated move towards $80,000 represents a potential 10% increase from the current price of $72,300. The breakout coincides with a strong nonfarm payrolls report from the U.S., highlighting the economy's resilience and prompting increased risk-taking across various financial markets. Bitcoin's surge is part of a broader trend dubbed an "everything rally" this year, where not only cryptocurrencies but also traditional assets like the Nasdaq, S&P 500, and gold have seen significant gains. The rally in Bitcoin has been supported by continuous growth in the supply of major stablecoins. Technical analysis involves studying price patterns to forecast future asset trends. A symmetrical triangle, like the one observed in Bitcoin's recent movement, signifies consolidation within a narrowing price range. Typically, this consolidation builds energy that is eventually released in the direction of the breakout, often resulting in a bullish move.
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#write2earn #BITCOIN ’S PRICE DYNAMICS: ANALYZING RECENT TRENDS AND FUTURE OUTLOOK #bearorbull #BTC $BTC Bitcoin recently fell short of achieving another record high as its price was turned away from $72,600 on Monday, resulting in a 4.5% decline. The question now looms: will the price retreat further, or is Bitcoin gearing up for another attempt at surpassing its previous peak? The decline in Bitcoin's price on Monday can be partly attributed to a significant outflow from Bitcoin ETFs, notably the Grayscale ETF (GBTC), which saw a hefty $303 million leaving its coffers, unmatched by Blackrock (IBIT). The net outflow totaled $223 million for the day. In the short term, examining the 4-hourly timeframe reveals a straightforward narrative. The rejection from the $72,600 resistance level was a natural occurrence, prompting the price to retest the upper boundary of the breakout triangle. While the $69,000 support within the triangle remained untouched, the upper trend line upheld the price. The next move hinges on whether Bitcoin will undergo a period of sideways movement, allowing for the reset of shorter-term stochastic RSI momentum indicators. Zooming out to the weekly timeframe unveils a tug of war between bullish and bearish forces, depicted through candlestick patterns. The red candle marking the failed attempt at a new all-time high indicates a fierce battle, culminating in indecision. However, subsequent candles, such as the bullish hammer candle and the green engulfing candle, suggest continued bullish momentum, though the hanging man candle from last week introduces the possibility of a bearish reversal. The trajectory of this week's price action is critical. A close above the hanging man candle could negate its bearish implications, potentially signaling a breakout from the current consolidation phase. Additionally, monitoring the stochastic RSI on the weekly chart reveals the flattening of signal lines, hinting at a potential reversal to the upside, which could fuel further bullish momentum.
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#write2earn Navigating the Bitcoin Halving: Insights and Implications #BitcoinHalvingImpact #BitcoinHalving #Bitcoin #BTC $BTC The global cryptocurrency community is gearing up for the approaching Bitcoin halving event, just a few days down the road. Scheduled for April 20th, around 8 pm Turkish time (UTC+3), this event is a built-in feature of the Bitcoin network, occurring roughly every four years or every 210,000 blocks. During the halving, the rewards for miners will be slashed from 6.25 BTC to 3,125 BTC per block. In simpler terms, miners will now receive half the number of bitcoins for each block they mine and add to the blockchain, though they'll still earn regular transaction fees. These halvings will persist until around 2140 when the last BTC is expected to be mined, after which miners will solely rely on transaction fees. Historically, Bitcoin halvings have coincided with notable fluctuations in BTC prices. While not directly causal, these events often precede significant surges in the BTC market. The debate over whether Bitcoin's halving is "priced in" arises with each occurrence of this event. Yet, there's an interesting observation this time around. Analysts David Duong and David Han from Coinbase note that this is the first halving cycle where Bitcoin hits an all-time high before the halving, suggesting that seasoned traders may have already factored in the halving effect. However, analysts also suggest a prevailing sentiment that the halving could still drive prices upward, potentially sparking a rally. This time, Bitcoin is edging closer to its all-time high compared to previous halving events. Yet, the approval of spot ETFs has significantly altered the supply-demand dynamics of BTC, a factor that could influence prices during and after the halving, as noted by Kaiko analysts. "ETFs have been experiencing strong inflows overall, which might signal an immediate positive impact on prices as supply continues to dwindle," say the Kaiko analysts. "However, ETFs can also see swift outflows.
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#Write2earn #Ethena Labs Integrates #Bitcoin as Collateral for #USDe : Enhancing Scalability and Security $ENA $BTC Ethena Labs, the developer behind Ethena (ENA), has announced a significant update: Bitcoin is now added as collateral for its synthetic dollar token, USDe. With this move, Ethena aims to enhance the scalability of its USDe token, pegged to the dollar, by more than 2.5 times. The project recently distributed airdrops, including some through Binance Launchpool, to its users. This strategic integration of Bitcoin is expected to provide stronger support as Ethena approaches a $10 billion valuation, thereby ensuring a more secure product for its users. The current estimated worth of USDe's supply stands at around $2 billion. Ethena Labs emphasized Bitcoin's superior liquidity and duration profile for delta hedging in comparison to liquid staking tokens. This factor played a pivotal role in the decision to incorporate Bitcoin as a backing asset. Previously, USDe was solely backed by staked Ethereum (ETH). However, there has been a noticeable uptick in interest among token holders for Bitcoin trading. According to data from Ethena Labs' website, Bitcoin's open interest surged by 150% to $25 billion last year, contributing to USDe's scaling capacity more than doubling. In contrast, Ethereum's open interest increased by 100% to $10 billion during the same period.
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#WRITE2EARN UNRAVELING THE IMPACT OF SPOT ETFS ON BITCOIN’S HALVING: A DEEP DIVE #BitcoinETF #BitcoinHalving #Halving #BTC $BTC The unexpectedly strong influx of funds into spot bitcoin exchange-traded funds (ETFs) has sparked concerns about a potential supply shock in the bitcoin market, which could mitigate some of the effects of the halving. Bitcoin's halving, typically viewed as a bullish catalyst for price, might not deliver the same positive impact this time around due to the approval of spot ETFs. Halving occurs every four years, halving bitcoin's supply growth and historically driving up the price. Previous halving cycles propelled bitcoin to new highs, and this time, the significant demand from spot ETFs could further fuel the rally. Brian Dixon, CEO of Off the Chain Capital, noted that the launch of ETFs has already created a considerable supply shock, and when combined with the halving reducing supply even further, it's logical to anticipate price appreciation. While demand from ETFs has outpaced the 900 new BTC mined daily, driving prices higher, there are concerns that ETF demand might have front-run the halving, potentially stalling price growth temporarily. David Lawant, Head of Research at FalconX, expressed similar concerns, suggesting that ETFs may have accelerated demand, causing bitcoin to hit all-time highs before the halving. Anthony Anderson, founder and CEO of Param Labs and Kiraverse, echoed this sentiment, stating that ETFs have been acquiring BTC since the beginning of the year, potentially preempting the halving's impact on supply. James Seyffart, an ETF analyst at Bloomberg Intelligence, suggested that halving might not immediately impact ETF flows due to strong investor demand. However, in the long term, halving could significantly affect ETF flows by reducing bitcoin's marginal supply. Despite short-term uncertainties, many believe that halving will ultimately benefit bitcoin and ETF flows.
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