1min read
Published on: Apr 3, 2024
#Blockchain
#Crypto 360
#Daily Brew
#Bitcoin ETF
Come April and Bitcoin (BTC) has dropped more than 10% of its all-time high (ATH) value of $73,750 that it hit around mid-March.
Source: BTC/USDT, BitDelta
The drop in value isn’t limited to the king coin only.
Ethereum (ETH) lost around 18% of its value in mid-March as it dropped from $4k to $3.3k over a fortnight.
Source: ETH/USDT, BitDelta
The condition of most memecoins is no better.
Dogecoin (DOGE) was trading at $0.229 around the end of March and quickly declined more than 20% within a few days to $0.184 at press time.
Source: DOGE/USDT, BitDelta
In fact, the market cap of the crypto market declined around 8% from $2.7 billion to $2.5 billion.
The recent decline in the fortunes of the crypto market mirrors that of the slump in the equities markets in the US, Europe and Asia.
The negative sentiment follows a dwindling demand for spot Bitcoin ETFs in the US.
On April 1st, the net flow into these ETFs turned negative as we witnessed an outflow of $85.84 million - not an April fool's!
Grayscale Bitcoin ETF (GBTC) itself witnessed an outflow of more than $302 million.
The negative sentiment for GBTC continued 2 April as it witnessed an outflow of nearly $82 million.
However, the net flow into these ETFs turned positive with a net inflow of $40.3 million.
Source: Farside Investors
Nonetheless, the overall net flow into these ETFs has been positive with a new inflow of more than $12 billion.
Senior Bloomberg analyst Eric Balchunas underlined that with trades worth $111 billion in March, Bitcoin ETFs traded about triple what they did in January and February.
Source: Twitter/Eric Balchunas
The lack of any hope surrounding Fed’s interest rate cuts also doesn't help.
This leaves us with the question: Will the upcoming Bitcoin halving lead to a significant price rally for Bitcoin and the broader crypto market?
Recommended Read: What is Bitcoin Halving?
Keep following us for the latest updates as we are hooked to the next big event in the history of crypto market.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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