Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

BlackRock

<ul>
 <li><strong>Bitcoin’s price drop triggers FUD, signaling potential market recovery.</strong></li>
 <li><strong>Significant whale movements and Bitcoin ETF trends shape market sentiment.</strong></li>
</ul>
<p>The cryptocurrency market finds itself gripped by fear, uncertainty, and doubt as the bears tighten their grip on prices. Bitcoin, the bellwether of the crypto world, plummeted to a low of $63.4K, triggering anxiety among traders. Social media platforms are witnessing a scarcity of buy calls while sell signals surge, painting a bleak picture for short-term prospects.&nbsp;</p>
<p>The global crypto market cap has undergone a 1.50% decline in the last 24 hours, settling at $2.33 trillion. This downward trend extends to trading volumes, with a notable 18.84% decrease to $64.32 billion. The DeFi sector’s trading volume is $5.36 billion, constituting 8.34% of the total market activity. Notably, Bitcoin’s dominance has experienced a slight <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">dip</a>, currently at 53.33%.</p>
<p>However, amidst the prevailing FUD, there emerges a glimmer of hope as historical data suggests that such sentiments often precede market recoveries.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/hSCsU0TJywa5BZlKLjlNju4AhB31tYU3nRQeM34XXI5LxKQifs-XY5IdPsLI0sWL4nHW_1npRrZv-ZYffgh8RuzRdJOOdOxpMeGHpQx1kZVd1SSRfrB9LhEYlglfCZ13bURW59pkRbc_maWWiyItDAU" alt="">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source: Santiment
  </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-team-bears-or-team-bulls">Team Bears or Team Bulls?</h3>
<p>In market turmoil, a notable whale movement has caught the attention of traders. Just 43 minutes ago, a whale deposited a staggering 1,200 BTC ($77.67 million) into Kraken, signaling a potential strategic move amidst the price volatility. This action follows a series of significant accumulations by whales, with one entity accumulating 24,755 BTC ($1.68 billion) between March 1 and April 15, at an average price of $68,051.</p>
<p>Meanwhile, the latest data on Bitcoin <a href="https://thenewscrypto.com/fidelitys-spot-bitcoin-etf-sees-first-net-outflows-since-debut/" rel="noopener noreferrer nofollow">ETFs</a> reveals a concerning trend. The net inflow for April 26, 2024, stands at -$84 million, marking the third consecutive day of negative flows. Six out of ten Bitcoin ETFs recorded zero flows, with BlackRock iShares Bitcoin Trust IBIT experiencing no activity for three consecutive days.</p>
<p>However, there are signs of resilience as Grayscale Bitcoin Trust GBTC managed to reduce its single-day outflow from $139 million to $82.4 million. The daily Relative Strength Index (RSI) sits at 45, indicating nearing oversold conditions, potentially paving the way for a market rebound.</p>
<p>As the community navigates through this period of uncertainty, all eyes remain on market dynamics and investor sentiment, with hopes pinned on a potential recovery in the near future.</p>

Will Bitcoin Bulls Triumph Over its Current Trials?

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