Bitcoin Cash

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Bitcoin (BTC) is dealing with high selling pressure as it recorded another day of a price decline. Data shared by experts shows that Bitcoin <a href="https://news.todayq.com/bitcoin-etf-triples-trading-vol-in-march-despite-bleed/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs) have seen softer inflows in the last three weeks. This had made a huge shift in the investors’ sentiment. The fear and greed index had dropped from “extreme greed” to “greed” with 72 points. Interest in Bitcoin ETFs drops 
As per the data shared by Checkmate, Two weeks ago BTC ETFs saw an outflow of around $890 million. The last week recorded an inflow of $845 million. However, this week, there has been another outflow of around $93 million which indicates a continued cooling down of investor interest in these investment products..
One of the major sources of outflows has been identified as Grayscale Bitcoin Trust (GBTC), while inflows to other Bitcoin ETFs have also settled down.&nbsp;
He highlighted that aggregate Bitcoin ETF trade volumes have declined since BTC reached its peak of over $73,000 all-time high (ATH) price level. He added that the daily trading volumes which were recorded between $7 billion and $9 billion during Bitcoin’s price jump, have now dropped to $2.5 billion to $3.5 billion in recent weeks.
A decline in the activity suggests that markets may now need time to rest and recover. It had already sustained uncommon periods of upward movement. It is important to note that higher Bitcoin prices often lead to increased selling activity as long-term holders may choose to distribute their holdings.&nbsp; Increasing selling pressure 
In bull markets, these long term holders tend to spend their holding which eventually adds to the selling pressure. It potentially forces the market to absorb Bitcoin at higher effective issuance rates.
Bitcoin price is now down by around 7% in the last 7 days. It is trading at an average price of $66,335, at the press time. The market is now looking for recovery from here.
On the other hand, BTC’s offshoot, Bitcoin Cash, is set to reduce its supply of newly minted tokens by 50%. This event is similar to Bitcoin’s upcoming halving that aims to limit coin supply and historically has fueled market booms. Bitcoin Cash rallied following the announcement, Its price is up by 11% in the last 24 hours. However, it had remained below its all-time high.
Looking ahead, if historical patterns repeat, Bitcoin’s current price of around $66,000 could potentially reach $435,000 per coin by the 2028 halving. However, it’s worth noting that post-halving rallies have seen diminishing returns over the years.

Bitcoin ETFs see softening inflows as sentiments drop from extreme greed

Todayq News

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