Bitcoin

<p>Recent data King Young Ju, CryptoQuant’s CEO, reveals a noticeable slowdown in Bitcoin spot ETF netflows, with demand potentially set for a rebound as <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin prices</a> approach critical support levels.</p><p>On March 21, 2024, the market witnessed another day of net outflow, totaling $94 million, alongside substantial outflows from GBTC. Fidelity experienced a record low inflow of $2.9 million, marking a significant shift from the peak observed on March 15, 2024. This trend of continuous net outflows has persisted for four days.</p><h2 id="header-0">Influence of New Investors</h2><p>The entrance of new whales, predominantly ETF buyers, has been a notable development, carrying an on-chain cost basis of $56,000. This group’s investment behavior is crucial in understanding market dynamics, as corrections in bull markets typically involve a maximum drawdown of around 30%, indicating a threshold of pain at approximately $51,000. Such metrics are vital for investors gauging the market’s resilience and potential recovery pathways.</p><p>In bull markets, corrections serve as a natural adjustment mechanism, with a typical maximum drawdown of about 30%. This correction phase underscores the market’s volatility but also its potential for recovery. For Bitcoin, reaching the $51,000 mark represents a significant psychological and financial test, likely influencing both individual and institutional investment strategies.</p>

Bitcoin ETFs: Analyzing the Shift in Market Dynamics

목차

BlockchainReporter

2024년 3월 22일에 게재된 다른 기사

What can the past Bitcoin halving cycles tell us about its future?

SubQuery Teams Up with Stargaze to Enhance NFT Marketplace Experience

Bitcoin BTC’s $66K Test Amid ETF Outflows Sparks Volatility Forecasts, Ethereum ETF Doubts Rise

Best Cryptos to Buy Before Real Bull Run

Crypto Prices Today March 22: Bitcoin At $66K, Ethereum Above $3500, XRP & ADA Gain

673 BTC Bought by Bitcoin Whale as BTC Price Eyes Rebound

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!