Bitcoin ETF

Bitcoin

April

<img decoding="async" width="1452" height="804" src="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png" class="attachment-full size-full wp-post-image" alt="Michael Saylor Foresees Geopolitical Clash as a Boost to Bitcoin" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png 1452w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-300x166.png 300w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-1224x678.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-768x425.png 768w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-150x83.png 150w" sizes="(max-width: 1452px) 100vw, 1452px">
<p>Following the introduction of <a href="https://coingape.com/breaking-hong-kong-regulator-sfc-approves-spot-bitcoin-etf-and-ethereum-etf/" target="_blank" rel="noopener">Hong Kong spot Bitcoin ETFs</a>, Bitcoin (BTC) and the wider cryptocurrency market saw a notable rebound during Asian trading hours on Monday, April 15. However, as the day progressed, a downturn in the US market dampened the crypto market’s recovery, leading to a decline of over 4.5% in the Bitcoin price, which fell below the $62,500 level.</p> 
<h3 id="dow-jones-drop-for-sixth-consecutive-session">Dow Jones Drop for Sixth Consecutive Session</h3> 
<p>The Dow Jones Industrial Average ended in negative territory for the sixth consecutive session in a row. On Monday’s closing, the Dow Jones ended 250 points down at 37,735 levels.</p> 
<p>U.S. stocks continued their decline from the previous week as Treasury yields surged in response to a robust consumer spending report. The Nasdaq Composite witnessed a sharp drop of 1.8%, while the S&amp;P 500 retreated by 1.2% and the Dow Jones Industrial Average experienced a 0.7% decline.</p> 
<p>The increase in Treasury yields was propelled by a consumer spending report that surpassed expectations, further elevating yields which had already surged to year-to-date highs in response to last week’s inflation data. The 10-year yield surpassed 4.6%, reaching levels not seen since November.</p> 
<p>Following this development, BTC and the broader cryptocurrency came under strong selling pressure. While the Bitcoin price tanked by 4%, some of the top ten altcoins have cracked 5-10% facing more selling pressure.</p> 
<p>According to the CEO of Crypto.com exchange, while Bitcoin selling might become more noticeable as the <a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin halving</a> date approaches, the long-term impact of the event is expected to strengthen the price of the leading digital asset. Speaking to Bloomberg, Crypto.com CEO Kris Marszalek <a href="https://www.bloomberg.com/news/articles/2024-04-16/bitcoin-btc-sales-may-pick-up-around-halving-crypto-com-ceo-says" target="_blank" rel="noopener">said</a>:</p> 
<blockquote>
 <p>“As we approach this date there may be some selling coming up” due to buy-the-rumor, sell-the-news trading. I expect pretty decent action within the six months following the Bitcoin halving”.</p>
</blockquote> 
<h3 id="btc-etfs-register-net-outflows">BTC ETFs Register Net Outflows</h3> 
<p>The week started on a pretty low note for spot Bitcoin ETFs in the US market with the total net inflows turning negative by around $37 million. BlackRock’s IBIT Bitcoin ETF registered $73 million in inflows,&nbsp; however, the GBTC outflows stood at $110 million, as per <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener">data</a> from Farside investors. Amid continuous outflows, the GBTC holdings of Bitcoin have dropped by 50% amid its high management fee.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">The other "halving": GBTC bitcoin holdings are down exactly 50% since the launch of bitcoin ETFs <a href="https://t.co/bApRBq6WkW">pic.twitter.com/bApRBq6WkW</a></p> 
 <p>— zerohedge (@zerohedge) <a href="https://twitter.com/zerohedge/status/1780009821028155596?ref_src=twsrc%5Etfw">April 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>After a solid two months of inflows since launch, the Bitcoin ETF demand has mellowed down over the past two weeks of April. With the Bitcoin ETF demand turning low recently, Bitcoin critics like Peter Schiff have had a chance to criticize Bitcoin’s performance against gold.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETF</a> buyers who believe <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is a digital version of <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> must ask themselves why <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a> is up 1.9% today, recording its highest closing price ever, while Bitcoin ETFs are down 5%. Maybe your thesis is wrong and you should sell your fool's gold and buy the real thing.</p> 
 <p>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1779964292659343660?ref_src=twsrc%5Etfw">April 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/us-market-slump-spoils-crypto-market-recovery-bitcoin-etfs-see-net-outflows/">US Market Slump Dampens Crypto Market Recovery, Bitcoin ETFs See Net Outflows</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

US Market Slump Dampens Crypto Market Recovery, Bitcoin ETFs See Net Outflows

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