Bitcoin ETF

Bitcoin

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<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is trading below $63k, as BTC and ETH ETFs started trading in Hong Kong today.</li> 
 <li>BlackRock’s Bitcoin ETF IBIT continues to remain at $0 inflows and outflows for four days in a row.</li> 
</ul> 
<p>The latest data from <a href="https://sosovalue.xyz/zh/assets/etf" rel="nofollow noopener" target="_blank">SoSoValue</a> notes that the total net outflow of Bitcoin ETFs yesterday was $51.5 million.</p> 
<p>Grayscale’s ETF GBTC had a single-day net outflow of $24.6 million. Ark Invest’s product ARKB had a single-day net outflow of $31.34 million, surpassing GBTC.</p> 
<p>The BlackRock ETF IBIT has had zero inflows and outflows for four consecutive days.</p> 
<p>Bitcoin is trading below $63k at the moment of writing this article after earlier, it went close to $65k.</p> 
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<p>Today marked<a href="https://crypto.ro/en/news/hong-kongs-bitcoin-and-ethereum-etfs-start-trading-for-eligible-investors/"> the beginning</a> of Hong Kong’s trading of BTC and ETH ETFs, with an optimistic market expecting high inflows in crypto-related products.</p> 
<h2 id="bitcoin-s-dominance-rate-surges">Bitcoin’s dominance rate surges</h2> 
<p>According to the latest reports coming from Fairlead Strategies, Bitcoin’s dominance rate has risen past key level, which signals further upside.</p> 
<p>Bitcoin’s dominance rate (the share in the crypto market) recently surged to a three-year high of 57%. It broke higher from a six-month consolidation pattern. This move means that Bitcoin could continue outshining other coins in the upcoming months.</p> 
<figure id="attachment_40775" aria-describedby="caption-attachment-40775" style="width: 100%" class="wp-caption alignnone">
 <a href="https://www.tradingview.com/symbols/BTC.D/" rel="nofollow noopener" target="_blank"><img fetchpriority="high" decoding="async" class="wp-image-40775 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54.png" alt="Trading View - BTC dominance" width="1823" height="478" title="Bitcoin Trades Below $63k, As BlackRock's BTC ETF, IBIT, Remains At $0 Inflows 1" srcset="https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54-300x79.png 300w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54-1024x268.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54-768x201.png 768w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54-750x197.png 750w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC.D_2024-04-30_11-11-54-1140x299.png 1140w" sizes="(max-width: 1823px) 100vw, 1823px"></a>
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  Trading View – BTC dominance
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</figure> 
<p>Fairlead Strategies stated in a recent note that the dominance rate had a breakout, favoring BTC over altcoins in the intermediate term.</p> 
<p>According to them, the breakout in the index marks a continuation of the long-term turnaround phase, which has reversed altcoin gains made back in 2021.</p> 
<h2 id="bitcoin-recent-price-predictions">Bitcoin recent price predictions</h2> 
<p>Recently, veteran trader Peter Brandt said that Bitcoin could have already reached its peak this cycle at around $70k, according to the <a href="https://twitter.com/PeterLBrandt/status/1783928752336212329" rel="nofollow noopener" target="_blank">exponential decay pattern</a>.</p> 
<p>However, on April 29, CEO and director of research at Quantonomy, Giovanni Santostasi,<a href="https://giovannisantostasi.medium.com/a-scientific-approach-to-estimating-the-size-of-bitcoin-bubbles-1204a0032739" rel="nofollow noopener" target="_blank"> rebutted</a> the exponential decay theory with the help of one of his own based on long-term power law behavior.</p> 
<p>A power law is a functional relationship where one quantity varies as a power of another quantity.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://cointelegraph.com/news/bitcoin-top-analysts-clash-over-btc-cycle-peak" rel="nofollow noopener" target="_blank"><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-04/a52ad043-7002-43f8-a26f-4b2bb6f47f0b.jpg" alt="BTC" width="1260" height="852" title="Bitcoin Trades Below $63k, As BlackRock's BTC ETF, IBIT, Remains At $0 Inflows 2"></a>
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  BTC
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<p>He believes, using the figures extrapolated from the genesis block, that we’ll see Bitcoin at $210k around December 2025.</p>

Bitcoin Trades Below $63k, As BlackRock’s BTC ETF, IBIT, Remains At $0 Inflows

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