Original author: Sherl
Original source: BlockBeats
Entering April, there are less than 20 days left until Bitcoin's fourth "halving" is expected to occur. Amid the generally optimistic sentiment in the market, the market has generally fallen.
Bitcoin leads the market in general decline, with 140 million long positions liquidated in one hour
Today, Bitcoin fell from $69,000 to under $67,000 in 20 minutes and is now quoted at $66,673, a 24-hour drop of 5.64%. Ethereum fell below $3,400 and is now quoted at $3,362, down 6.91% in 24 hours. BNB, SOL, and AVAX fell by 7.0%, 9.1%, and 10.8% respectively.
According to Coinglass data, the total liquidation of positions across the network in the past hour reached 162 million US dollars, of which 146 million US dollars were liquidated for long orders. Of the $473 million in liquidated positions across the network in the past 24 hours, $402 million was liquidated in long orders.
ETF net outflow is the main reason
The community believes that the current decline in Bitcoin was mainly affected by large net outflows from ETFs.
BlcokBeats reported that on April 2, according to HODL15Capital data, the overall net outflow of Bitcoin spot ETF yesterday was US$88 million, of which IBIT had a net inflow of US$164 million and Grayscale GBTC had a net outflow of US$303 million. According to data from Farside Investors, ARKB also experienced net outflows for the first time, with an outflow of US$300,000.
In addition, Grayscale Bitcoin Trust, iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund all fell around 3% yesterday, according to FactSet data. This may also be one of the reasons for the market's decline.
Sentiment remains high, could rise to $84,000 in April
Although the market fell across the board, the 24-hour decline was mostly maintained between 5% and 10%, and the overall bullish market sentiment was not affected. According to Alternative data, today's cryptocurrency panic and greed index is 79, and last week's index was 81. The market is still in an extremely greedy mood and has not cooled down.
Regarding the crypto market after April, the community generally believes that there will be an upward trend.
The halving is already a definite benefit. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, said that the price of Bitcoin could rise by another 150% during the current bull cycle, based on spot Bitcoin ETFs and the upcoming halving bringing new supply reductions, etc. Combining factors, it is expected that the top of this cycle may reach a potential high of $180,000.
Matrixport analyst Markus Thielen also issued an article on March 29 expressing optimism about the market in April. He believes that Bitcoin has risen sharply for seven consecutive months and may continue to rise by 12% along with the price of US$70,000 in April. $84,000.
Zhu Su, co-founder of Three Arrows Capital, also recently said on social media, “I really don’t understand the reason for being bearish here. The structure of April is extremely bullish, the Bitcoin halving is coming, the Ethereum ETF is about to be launched, and ordinary People are waking up from a long slumber, there are no NFTs at Art Basel this year, and we are still in the early stages.”
