Bitcoin ETF

Bitcoin

Spot

It appears that the assumed connection between the price of Bitcoin ($BTC) and Bitcoin ETF flows has weakened.&nbsp;
Bitcoin is <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">currently trading above the $64,000 price level</a>, a 0.5% increase from its level at the same time the previous day. This price movement occurred despite outflows from Bitcoin exchange-traded funds (ETFs) reaching up to $200 million for the trading day ending on April 25, 2024.
<a style="color: #0000ff;" href="https://www.tradingview.com/chart/n0SIy0NW/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">Market price data</a> indicates that Bitcoin’s trading price briefly dipped to a low of $62,800 before experiencing a significant surge to a high of $65,557 on Thursday. The price then retraced slightly, closing at around $64,300 for the day. Meanwhile, <a style="color: #0000ff;" href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">data from Farside Investors </a>for the US-listed Spot Bitcoin ETF market revealed a staggering outflow of $217.6 million.
According to the report, only one of the funds, Franklin Templeton’s $EZBC, saw $1.9 million in inflows. However, five funds recorded outflows, while five others experienced no assets flowing through their portfolios. Unsurprisingly, Grayscale’s $GBTC fund had the most significant outflow of $234.3 million among all eleven funds.
The funds that experienced outflows included Fidelity Investments’ $FBTC, ARK21Invest’s $ARKB, BitWise’s $BITB, VanEck’s $HODL, and Grayscale’s converted $GBTC funds, with outflows of $22.6 million, $6 million, $31.3 million, $20.2 million, and $139.4 million, respectively.
Since the beginning of April, these funds have seen surprisingly low inflows of assets into their portfolios, suggesting a decline in investor interest in US spot Bitcoin ETFs. This is in contrast to the narrative that the net flow of assets into the portfolios of the ETFs directly impacted the price of the asset.&nbsp;
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/blackrocks-spot-bitcoin-etf-experiences-first-day-of-zero-daily-inflow/" rel="noopener noreferrer nofollow">BlackRock’s Spot Bitcoin ETF Experiences First Day of Zero Daily Inflow</a>
Bitcoin has been trading within a ranging market profile <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/everything-you-need-to-know-about-bitcoin-halving/" rel="noopener noreferrer nofollow">post-halving</a> without any significant price surges. However, analysts believe the asset is preparing for a substantial price surge.&nbsp;
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/bitcoin-may-be-entering-an-attractive-buy-zone-two-on-chain-metrics-suggest/" rel="noopener noreferrer nofollow">Bitcoin May Be Entering an Attractive Buy Zone, Two On-Chain Metrics Suggest</a>
DeFi Planet recently <a href="https://defi-planet.com/2024/04/bitcoin-may-be-entering-an-attractive-buy-zone-two-on-chain-metrics-suggest/" rel="noopener noreferrer nofollow">reported </a>that Bitcoin’s Market Value to Realised Value (MVRV) score recorded a decline to 2.32, marking a 6.45% decrease from its value at the beginning of the month.
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Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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The post <a href="https://defi-planet.com/2024/04/bitcoin-holds-steady-above-64000-despite-record-spot-etf-outflows/" rel="noopener noreferrer nofollow">Bitcoin Holds Steady Above $64,000 Despite Record Spot ETF Outflows</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Bitcoin Holds Steady Above $64,000 Despite Record Spot ETF Outflows

DeFi Planet

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