BlackRock’s IBIT saw around $37 million in outflows for the first time while the remaining spot Bitcoin ETFs collectively notched over $526.8 million in outflows.
Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario
Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue.
Breaking Points And Bearish Signals
Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark.
This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin’s momentum.
At the time of writing, Bitcoin is trading at approximately $57,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally.
Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure.
Over the last 24 hours, Bitcoin’s trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn.
Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda.
These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million.
According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l
— Wu Blockchain (@WuBlockchain) May 1, 2024
The Bitcoin ETF Conundrum And Market Forecasts
It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US.
This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape.
As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to $55,000 before any sign of recovery.
Monthly close approaching for #Bitcoin and FOMC day tomorrow.
I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards.
From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
Featured image from Unsplash, Chart from TradingView
Bitcoin Bottom Out? Analyst Signal Turnaround Amid Market Slump
Bitcoin has recently concluded April, marking its most significant monthly decline. Despite the bearish momentum, leading market analysts, including Michael van de Poppe, believe that the worst may soon be over, suggesting that Bitcoin is nearing the end of its current correction phase.
Bitcoin At The End Of Correction?
April was challenging for Bitcoin, as its value plunged nearly 20%, dipping below $57,000, the lowest level traded since late February.
This drop is part of an intense market sell-off that has slashed the combined cryptocurrency market cap by nearly 10%, bringing it down to $2.2 trillion. Amid these declines, Michael van de Poppe, a revered figure in the crypto analysis space, provided hope.
In his recent statements on the social platform X, Van de Poppe suggested that Bitcoin’s current price levels might be nearing the bottom of this correction cycle.
He highlighted the critical price range of $56,000 to $58,000 as pivotal for Bitcoin’s short-term trajectory, indicating potential areas for a rebound.
#Bitcoin is at the end of the correction.
It’s already down 20% from the highs and we’ll have some more downside to happen from here.
If the correction continues, then I think the green zones between $56-58K are essential to watch.#Altcoins to bounce before. pic.twitter.com/4Mu3NA1HSg
— Michaël van de Poppe (@CryptoMichNL) May 1, 2024
A Closer Look At Predictions And Market Sentiments
Van de Poppe isn’t alone in his optimistic outlook. Other analysts, like Checkmate, an on-chain expert, have analyzed Bitcoin’s historical data to predict future movements.
Checkmate introduced the term “chopsolidation,” describing it as a phase of stagnant yet volatile market conditions that could precede a significant bullish run.
He expects this phase to last about six months, followed by a potential 6 to 12 months of explosive growth reminiscent of past cycles. Furthermore, historical data from Bitcoin’s Halving years support the theory that after a halving event, the market tends to perform strongly towards the end of the year.
However, there are not all optimistic forecasts in the crypto realm. The spot Bitcoin ETF market witnessed over $300 million in net outflows in April, breaking a three-month streak of inflows, reflecting a broader sentiment of caution among investors.
Moreover, Charles Edwards, founder of Capriole Investments, has voiced concerns over the market’s extraordinary bullishness, warning of the necessity for corrections within such a volatile asset class.
“Sell in May and go away.” This looks like distribution to me. As long as we trade below $61.5K, scenario (1) is technically more likely. A strong reclaim of $61.5K would give some hopes to the bulls for scenario (2). A flush would also be good for the sustaining continuation of… pic.twitter.com/6E3oJ1vgs3
— Charles Edwards (@caprioleio) May 1, 2024
Featured image from Unsplash, Chart from TradingView
Australian Securities Exchange Could Approve Spot-Bitcoin ETFs Before 2024-End: Bloomberg
The Australian Securities Exchange (ASX), which accounts for 90% of Australia’s equity market, is expected to approve the first spot-Bitcoin {BTC} exchange traded funds (ETFs) before the end of 2024, Bloomberg has reported, citing people familiar with the matter.
Spot Bitcoin ETFs Rocked By Outflows, BTC Price Succumbs To Bears
The Spot Bitcoin ETFs have seen their demand drop since the start of this month, and this was again evident in the considerable outflows recorded on April 26. This poor run has had far-reaching effects on the broader crypto market as Bitcoin’s price has succumbed to unfavorable market conditions.
Spot Bitcoin ETFS Record $217 Million Of Outflows
Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $217 million of net outflows on April 25, one of their largest this month. Grayscale’s Bitcoin Trust (GBTC) accounted for most of these outflows, with investors moving $139.4 million out of the fund.
Related Reading: Why Is The Dogecoin Price Down Today?
Some other funds also recorded individual outflows. Ark Invest’s Spot Bitcoin ETF recorded $31.3 million in outflows, while Valkyrie and Bitwise’s ETFs saw $20 million and $6 million in daily outflows, respectively. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded a net daily outflow for the first time since these funds were approved, with $22.6 being moved out of the fund on Thursday.
Meanwhile, BlackRock’s dry spell continued with its iShares Bitcoin Trust (IBIT) recording zero inflows for the second consecutive day. Although the fund has yet to record net daily outflows since launching, this undoubtedly represents a setback, considering that it had, before April 24, recorded 71 consecutive days of daily inflows.
These Spot Bitcoin ETFs’ outflows have led to a wave of sell-offs from the fund issuers to fulfill redemptions. As a result, Bitcoin’s price action has been rather unimpressive as of late, with the flagship crypto experiencing significant price declines due to the heightened selling pressure. This development has put the bears firmly in control, with data from Coinglass showing that more Bitcoin longs than shorts have been liquidated in the last 24 hours.
Macro Economic Factors Also Affecting Bitcoin’s Price
An initial estimate released by the Bureau of Economic Analysis on April 25 showed that the US Gross Domestic Product (GDP) grew at an annual rate of 1.6% in the first quarter, which was way below expectations. This data report further diminishes hopes of rate cuts this year and looks to have played out in investors’ minds as Bitcoin briefly dropped below $63,000 following the report’s release.
Meanwhile, the Personal Consumption Expenditures (PCE) inflation data is set to be released on April 26. This PCE report could come in higher than expectations, adding to the growing concerns about the unlikelihood of rate cuts this year.
Interest rates have significant implications on risk assets, including crypto, and if the Federal Reserve decides to take a hawkish stance, it could negatively impact the crypto market.
39% of Canada’s institutional investors have exposure to crypto: KPMG
KPMG Canada partner Kunal Bhasin says rising debt and increasing inflation have likely attracted institutional investors into crypto.
Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason
A crypto analyst has made a bold prediction about Bitcoin, anticipating that the pioneer cryptocurrency could surge to $650,000 as the Spot Bitcoin ETF market continues to grow.
BTC’s Next Price Target Expected At $650,000
In an X (formerly Twitter) post published on Monday, Willy Woo, a popular analyst and crypto expert with over 1 million followers, predicted Bitcoin’s next price target, fueled by the growth and demand of Spot Bitcoin ETFs.
According to Woo, Spot Bitcoin ETFs could propel the price of BTC to $91,000 at bear market bottoms, while during bull market tops, the cryptocurrency could skyrocket as high as $650,000. It’s important to note that at the time of writing, Bitcoin haD not even reached $100,000, and is trading at $63,408, according to CoinMarketCap.
Woo has explained that BTC’s surge to this exponential level can only be possible when ETF investors completely utilize their capital. He highlights that a total capital deployment typically takes time, emphasizing that his price predictions are not constrained to the current crypto market cycle.
The crypto analyst also predicted that BTC will eventually flip gold’s market capitalization as the asset manager’s capital is deployed. Basing his forecast on gold’s 12-year bull run after the launch of its ETF, Woo disclosed that Bitcoin could have a similar bullish trend soon.
How Bitcoin Will Surge To $650,000
To efficiently explain his predictions, Woo provided a brief but clear insight into the potential impact Spot Bitcoin ETFs could have on the price of Bitcoin. He provided “back-to-envelope calculations” that could be used to fully understand how BTC could surge to $650,000.
During his calculations, the crypto analyst estimated the total capital managed by asset managers at $100 trillion. He mentioned that the current allocation recommendation was 2% for Bitcoin, and given the total amount of assets managed, it would mean $2 trillion could potentially flow into BTC.
Presently, Bitcoin holds about $561,159,959 of investments that can be measured on-chain. By adding the potential inflow from asset managers, the total investment in BTC would rise to $2.56 trillion.
Woo also introduced a Market Value to Realized Value (MVRV) ratio, which compares the total market capitalization of Bitcoin to the amount of funds invested into it. The crypto analyst claimed that historically, this ratio usually surges by 5x during bull market tops and by 0.7x during bear market bottoms.
Based on this ratio, Woo calculated the potential market capitalization of BTC, estimating a price of $12.8 trillion during bull tops and $1.8 trillion during bear bottoms. Dividing this total market capitalization by the amount of Bitcoin in circulation would position BTC’s price per coin at $650,000 and $91,000 respectively.
Spot Bitcoin ETF Hype Dies Down, Normalcy Sets In
The initial euphoria for the spot bitcoin ETFs has seemingly dampened and reality is slowly kicking in with inflows recently unable to keep up with the still speedy pace of exits from Grayscale’s Bitcoin Trust (GBTC).
Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has officially approved several spot Bitcoin and Ethereum exchange-traded funds (ETFs), a decision that marks a significant development in the region’s burgeoning crypto market. These approvals were granted to prominent asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited, alongside an in-principle approval for Harvest Global Investments.
Hong Kong’s SFC Approves Bitcoin And ETH ETFs
China Asset Management’s Hong Kong unit, as detailed in their press release, has received SFC approval to launch spot Bitcoin and Ethereum ETFs. This initiative is part of a collaboration with OSL Digital Securities Limited and BOCI International, aiming to provide retail asset management services with direct cryptocurrency subscriptions.
Similarly, Bosera Asset Management and HashKey Capital have announced that they have received conditional approval from the SFC for their own spot crypto ETFs. These products, named the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, will allow investors to directly use Bitcoin and Ethereum to subscribe for ETF shares, as stated in their press release.
Harvest Global Investments has also been spotlighted with the SFC’s in-principle nod for two major digital asset spot ETFs. According to their press release, Mr. Tongli Han, CEO and CIO of Harvest Global Investments, remarked, “This in-principle approval for Harvest Global Investments’ products in two major digital asset spot ETFs not only underscores Hong Kong’s competitive edge in the digital asset space, but also demonstrates our unrelenting pursuit of promoting innovation in the industry and meeting diversified investor needs.”
These ETFs are set to be launched through a partnership with OSL Digital Securities, the first digital asset platform licensed and insured by the SFC, highlighting a significant stride in addressing common market challenges such as excessive margin requirements and price premiums.
The press release from Bosera and HashKey highlights that the introduction of these virtual asset spot ETFs will not only provide new asset allocation opportunities but also reinforce Hong Kong’s status as an international financial center and a hub for virtual assets. This move is aligned with the city’s strategic push to establish itself as a regional leader in financial innovation, particularly in the digital asset sector.
The approvals are indicative of Hong Kong’s progressive regulatory framework which aims to integrate digital assets within its financial ecosystem safely and securely. The establishment of these ETFs is expected to provide a regulated, innovative investment avenue for both retail and institutional investors in the region. While there is not as much hype as there is around US ETFs, some analysts believe the impact could be similar.
These approvals come on the heels of rumors last Friday about the potential approval of these ETFs. The market had been abuzz with speculations, and today’s confirmation has provided the Bitcoin and ETH prices with a much needed boost. BTC is up 2.2% since the announcement, surpassing the $66,000 mark. The approved ETFs are reportedly set to launch by the end of April.
At press time, BTC traded at $66,535.
Did Strong Bitcoin ETF Demand Kill Halving’s Potential Bullish Rally?
The much stronger-than-expected inflows into the spot bitcoin exchange-traded funds (ETFs) have already caused concerns about a supply shock in the bitcoin market, potentially taking away some of the impacts of the halving.
BlackRock Adds Goldman Sachs, Citigroup, Citadel as APs for Bitcoin ETF
BlackRock (BLK) has added five additional authorized participants (APs) to the iShares Bitcoin Trust (IBIT), bringing the total number to nine as the fund continues to attract billions of dollars of inflows from investors.
Australian Asset Manager Monochrome Applies With Cboe Australia for a Spot Bitcoin ETF, Eyes Decision By Mid-Year
Australian firm, Monochrome Asset Management, has applied for a spot bitcoin exchange traded fund (ETF) with the global listing exchange, Cboe Australia, it announced on Friday.
Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important
The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month.
Grayscale Bitcoin ETF Outflows Drop 60%
Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC.
Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop.
This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere.
Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows.
Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months.
Why This Could Trigger A BTC Price Rally
The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months.
If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000 in the next few months. In this case, the uptrend would be far from over.
At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day.
The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records
Bitcoin bulls look to be firmly back in the driver’s seat following weeks of seeing BTC suffer a bearish sentiment with its price dips. The current bullish outlook for the flagship crypto is evident in the fact that the Spot Bitcoin ETFs are again recording an impressive amount of inflows.
Spot Bitcoin ETFs Record $243 Million In Inflows
Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $243 million in inflows on March 27. This record was primarily thanks to BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares’ Bitcoin ETF (ARKB), which saw individual inflows of $323.8 million and $200.7 million, respectively.
These inflows were enough to overshadow the $299.8 million that Grayscale’s Bitcoin ETF GBTC recorded on the day. Meanwhile, this marks the third consecutive day that these Spot Bitcoin ETFs have recorded net inflows, having seen net outflows throughout last week. These funds recorded an inflow of $418 million and $15.4 million on March 26 and 25, respectively.
This is undoubtedly a welcome development for the crypto community, considering that analysts at JPMorgan already predicted that the wave of profit-taking from the BTC ETFs could last until Halving. Therefore, seeing sustained inflows into these ETFs could mean that the sentiment among these ETF investors has changed.
Irrespective of the current outlook for these ETFs, there is reason to be confident about their future trajectory and how much funds could still flow into the Bitcoin ecosystem. Matt Hougan, the Chief Investment Officer (CIO) at Bitwise, recently suggested that the demand for these Bitcoin ETFs is far from its peak. That means that these funds could still witness an astonishing amount of inflows.
BTC Still Primed For More Upside Move Before Halving
The current bullish sentiment towards BTC suggests that the flagship crypto move could see further moves to the upside before the Halving event in mid-April. Besides the Spot Bitcoin ETFs, which are back to recording net inflows, other fundamentals hint at a price surge for BTC soon enough.
NewsBTC recently reported that the supply of BTC on centralized exchanges (CEX) has been declining lately, which means that the sell pressure for the crypto token has reduced significantly. With Bitcoin whales cooling off on selling, that leaves room for BTC to embark on an upward trend.
At the time of writing, BTC is trading at around $70,300, up in the last 24 hours according to data from CoinMarketCap.
BlackRock’s Fink Says an Ether ETF Is Possible Even if ETH Is a Security
BlackRock CEO Larry Fink isn’t worried about the U.S. Securities and Exchange classifying Ethereum’s ether as a security.
U.S Has its Eleventh Spot Bitcoin ETF After Hashdex Fund Conversion
Trading under the ticker DEFI, asset manager Hashdex’s Bitcoin Futures ETF – which had been trading as a futures-based fund on the New York Stock Exchange since 2022 – was renamed and converted into the Hashdex Bitcoin ETF and now operates as a spot bitcoin fund.
Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF
Asset Manager VSFG, together with its partners, Value Partners, have applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong’s Securities and Futures Commission (SFC), its Head of Investment & Products Brian Chan told CoinDesk on Wednesday.
Hong Kong Likely To Allow In-Kind Creations for Spot Bitcoin ETFs: Bloomberg
Hong Kong’s financial regulator, the Hong Kong’s Securities and Futures Commission (SFC), is likely to allow in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year, according to a report from Bloomberg Intelligence.
Bitcoin ETF Netflows May Experience Rebound If This Price Is Attained, Analyst Explains
In line with the decline in Bitcoin’s price, the spot Bitcoin ETF market has appeared rather gloomy in recent days. According to data from analytics firm BitMEX Research, these BTC ETFs have recorded a negative netflow for the last four trading sessions.
This situation has been marked by large levels of Grayscale’s GBTC outflows and the record low inflows for the other ETFs, mainly the market leaders BlackRock’s IBIT and Fidelity’s FBTC. However, amidst these persistent declining netflows, Ki Young Ju, a prominent analyst and Chief Executive Officer at Cryptoquant, has predicted a possible resurgence in the spot Bitcoin ETF market.
Analyst Pinpoints $56,000 Level As Critical To Bitcoin ETF Recovery
In a post on X on March 22, Ki Young Ju shared that a rise in spot Bitcoin ETFs netflows could occur even as the BTC price decline continues. Using data from the historical netflow trends, the analyst noted that demand for Bitcoin ETFs usually kicks in when the cryptocurrency traces to certain support levels.
Young Ju stated that, in particular, new BTC whales, especially ETF buyers, have shown to have a $56,000 on-chain cost basis. This suggests that the new significant holders of Bitcoin, particularly those invested in ETFs, usually purchased Bitcoin at an average price of $56,000. Following this trend, the crypto quant boss believes the spot Bitcoin ETF market could experience massive inflows if BTC reached the specified price level.
#Bitcoin spot ETF netflows are slowing.
Demand may rebound if the $BTC price approaches critical support levels.
New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K. pic.twitter.com/vZCG4F0Gh5
— Ki Young Ju (@ki_young_ju) March 22, 2024
For now, Bitcoin’s price has oscillated between $62,000 and $68,000, as seen in the last week. However, Young Ju believes that such a descent is quite feasible as price corrections usually see a maximum decline of 30%. Using BTC’s most recent high of $73,750, the analyst predicts the asset price could still trade as low as $51,000.
BTC Price Overview
At press time, Bitcoin continues to trade at $64,065.74, representing a decline of 3.73% and 7.17% in the last one and seven days. Meanwhile, the asset’s daily trading volume is down 3.53% and valued at $39.62 billion.
Following historical trends of the bull cycle, it is possible that BTC may have reached its price peak leading up to the halving event in April. If that is the case, Bitcoin may likely not return to previous high price levels soon and could experience further price drops in the coming weeks.
Bitcoin Market Cap Hints at Potential Price Surge After Retesting 2021 Highs
A crypto analyst on X is confident that Bitcoin has bottomed and is poised for major gains in the sessions ahead. Interestingly, the bullish outlook hinges on the Bitcoin market cap retesting all-time highs at press time.
Will BTC Rally? Market Dynamics Changing
So far, the Bitcoin price is around 2021 highs in USD terms but recently broke all-time highs, peaking at around $73,800. This fluctuation is also reflected in its market cap. It currently stands at $1.25 trillion, down 5% in the past 24 hours.
Notably, it is at the same price level as in 2021, when Bitcoin prices peaked, recording new all-time highs.
While optimism abounds and the trader expects more sharp price expansions in the days ahead, it is not immediately clear whether the coin will rip higher, aligning with this forecast. Bitcoin is volatile and has remained so despite changing market dynamics.
At the same time, unlike in the past, Bitcoin prices are driven not only by retail forces but by institutions. These institutions are regulated by the United States Securities and Exchange Commission (SEC), which also approved the spot Bitcoin exchange-traded fund (ETF).
This Bitcoin derivative product has been the primary driving force in the past ten weeks. This is from looking at how prices have evolved since its approval in mid-January 2024.
However, since BlackRock and Fidelity are regulated by the United States SEC, unlike retailers, they cannot act as they wish. Considering the millions and billions of dollars at play, their comments or assessments on the coin, now and in the future, can greatly impact sentiment.
Sentiment Is Dented, BTC Facing Headwinds
Sentiment has been dented when writing. Even with the United States Federal Reserve (Fed) ‘s decision to hold rates at 5.5%, the highest in 2023, lifting prices, there has been no solid follow-through in price action. The coin remains steady below $70,000.
Whether prices will rally over the weekend remains to be seen. However, for now, there are some headwinds to consider.
First, there has been a slowdown in inflows to spot BTC ETFs. At the same time, outflows from the Grayscale Bitcoin Trust (GBTC) have increased. Second, after rallying sharply from October 2023, a cool-off before halving might see the coin trend lower.
