Bitcoin

Material

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) rebounded to $69,000 on April 10 as whales “bought the dip” on fresh United States macro data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/04a8e99d-9ea2-49c7-9165-4d07e4aa5e99.png">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="whales-vote-with-their-wallets-on-hot-cpi">Whales vote with their wallets on hot CPI</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed a BTC price recovery taking shape after local lows of $67,482 on Bitstamp.
These had accompanied the release of the U.S. Consumer Price Index (CPI) print for March, which came in <a href="https://cointelegraph.com/news/bitcoin-price-weakens-after-hot-cpi-print-raises-doubt-on-fed-rate-cuts">narrowly above expectations</a> at 3.5% year-on-year.
Earlier, market observers had eyed deliberate posturing by whales, with analysis suggesting that they were helping drive down price in order to buy the CPI event.
This ultimately became reality, with trading resource Material Indicators capturing increased buying on largest global exchange Binance.
“FireCharts binned CVD shows that purple whales bought the BTC dip,” it <a href="https://twitter.com/MI_Algos/status/1778108670921830559/photo/1" target="_blank" rel="noopener nofollow">confirmed</a> in part of a post on X (formerly Twitter), referring to one of its proprietary trading indicators.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/47dd4dae-9664-4a15-85f9-a125344adc7a.png">
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 BTC/USDT order book liquidity for Binance. Source: Material Indicators/X
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BTC/USD thus circled its daily opening level at around $69,100 at the time of writing.
“And just like that, Bitcoin is back above $69,000, and the daily candle is green again,” popular trader Jelle <a href="https://twitter.com/CryptoJelleNL/status/1778109610991255707" target="_blank" rel="noopener nofollow">continued</a> in part of his own response.
Fellow trader Daan Crypto Trades meanwhile <a href="https://twitter.com/DaanCrypto/status/1778089197284237426" target="_blank" rel="noopener nofollow">noted</a> that the dip below $68,000 had closed a new “gap” in CME Bitcoin futures markets which had <a href="https://cointelegraph.com/news/path-to-80k-5-things-bitcoin-this-week">appeared over the weekend</a> thanks to out-of-hours volatility.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/fa550bc4-a29b-4ac8-abcb-c5fbe12f0ddf.png">
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 BTC/USD chart with CME futures "gap" information. Source: Daan Crypto Trades/X
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<h2 id="bitcoin-etfs-cling-to-unbroken-inflows">Bitcoin ETFs cling to unbroken inflows</h2>
The U.S. spot Bitcoin exchange-traded funds (ETFs) continued their slow grind.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-rsi-gains-signals-btc-price-top">Bitcoin RSI points to short-term gains as metric signals BTC price top</a>
The two largest products by assets under management from BlackRock and Fidelity Investments both saw modest inflows on April 9, avoiding a “red” day of net flows to continue their unbroken green streak, as confirmed by data from sources including United Kingdom-based investment firm <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Farside</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/c519b24a-95e9-489a-87e6-434cffe06c39.png">
 <figcaption style="text-align: center;">
 Bitcoin ETF flows (screenshot). Source: Farside
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</figure>
April 9 as a whole, however, ended with aggregate $18.6 million outflows thanks to the impact of the The Grayscale Bitcoin Trust (GBTC), which shed $155 million.
GBTC meanwhile saw outflows of around 2,600 BTC ($180 million) on April 10, per the latest data from crypto intelligence firm Arkham shared on X by Daan Crypto Trades.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/13351e53-d784-482a-83f0-38dfe0d24200.png">
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 Source: Daan Crypto Trades
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As <a href="https://cointelegraph.com/news/hong-kong-regulator-fast-tracks-bitcoin-spot-etfs">Cointelegraph reported</a>, Hong Kong currently plans to allow spot Bitcoin ETFs, fast-tracking their approval process.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whales 'buy the dip' post-CPI as BTC price gains 3.6%

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