Shift

Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-price-slump-and-shrinking-exchange-reserves-signal-market-shift" rel="noopener noreferrer nofollow">Bitcoin’s Price Slump and Shrinking Exchange Reserves Signal Market Shift</a><br></p>
<p style="text-align: justify">In recent cryptocurrency market movements, <a href="https://en.bitcoinhaber.net/bitcoin-faces-pressure-amidst-grayscale-sell-off-and-etf-developments" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value has dipped to $69,000, causing a cascading effect on altcoins. Despite a lack of fresh highs beyond $73,777 as March draws to a close, a sudden drop in Bitcoin’s price marked a notable event. Important developments in the day’s crypto landscape have emerged alongside the decline.</p>
<h2 id="daily-crypto-developments-and-market-sentiments">Daily Crypto Developments and Market Sentiments</h2>
<p style="text-align: justify">Today, the release of core personal consumption expenditures data in the United States showed reassuring results. Despite this, BlackRock and Fidelity exchange-traded funds (ETFs) recorded only minor daily net inflows, indicating a waning risk appetite among investors. Nevertheless, the anticipation for the forthcoming Bitcoin halving in April is generating significant interest.</p>
<h2 id="exchange-reserves-hit-a-low-halving-fuels-hope">Exchange Reserves Hit a Low; Halving Fuels Hope</h2>
<p style="text-align: justify">Data from Glassnode revealed a substantial outflow of 136,000 Bitcoins from cryptocurrency exchanges since mid-January, taking exchange reserves to their lowest since 2018. This shrinkage aligns with a growing sentiment of supply scarcity, heightened by optimistic projections for 2024 and 2025. The upcoming Bitcoin block reward halving, expected on April 20 based on current <a href="https://en.bitcoinhaber.net/bitcoin-mining-dynamics-unveiled-assessing-the-post-halving-realities" rel="noopener noreferrer nofollow">mining</a> power, is bolstering investor confidence, with many drawing parallels to historical trends that indicate significant market impacts.</p>
<h2 id="etf-influence-and-reserves-accumulation">ETF Influence and Reserves Accumulation</h2>
<p style="text-align: justify">Despite subdued net inflows, ETF demand has remained resilient. New spot Bitcoin ETFs have amassed over 500,000 BTC since January, an impressive accumulation representing 2.54% of Bitcoin’s total supply. The expansion of ETF reserves, which includes holdings by all ETFs such as GBTC amounting to 835,000 BTC or 4% of the total supply, suggests a positive long-term influence on Bitcoin’s valuation.</p>
<h2 id="additional-noteworthy-news-highlights">Additional Noteworthy News Highlights</h2>
<p style="text-align: justify">Significant side stories include Microsoft and OpenAI’s collaboration on a $100 billion AI supercomputer called Stargate; Grayscale’s launch of a proof-of-stake fund for affluent investors; in-line data for the US Core Personal Consumption Expenditures Price Index; Yolo Investments’ $8 million injection into Toncoin; and Binance’s 50th Launchpool project, Ethena (ENA), which experienced a <a href="https://en.bitcoinhaber.net/rising-crypto-phishing-scams-a-warning-for-investors" rel="noopener noreferrer nofollow">hack</a> leading to a $290,000 loss. Furthermore, cryptocurrency exchange KuCoin has halted its licensing application process in Hong Kong amidst an investigation by the US Department of Justice.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-price-slump-and-shrinking-exchange-reserves-signal-market-shift" rel="noopener noreferrer nofollow">Bitcoin’s Price Slump and Shrinking Exchange Reserves Signal Market Shift</a></h5>

Bitcoin’s Price Slump and Shrinking Exchange Reserves Signal Market Shift

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