Bitcoin’s price bounced back up to $69,000 on April 10, with major investors (whales) taking advantage of the dip and purchasing more coins following new US economic data.
Whales vote with their wallets on hot CPI
Based on the data from CryptoMoon Markets Pro and TradingView, it appears that Bitcoin’s price was starting to bounce back after reaching a dip of $67,482 on Bitstamp, which was a temporary low.
The CPI report for March, revealing a 3.5% increase from the previous year, was recently published by the US, slightly surpassing the anticipated rate.
Previously, some market analysts noticed deliberate actions from whale traders, implying they intended to press prices lower before purchasing during the Consumer Price Index (CPI) event.
In the end, this scenario played out as Material Indicators, which facilitates resource trading, noticed a surge in purchases on the leading international exchange, Binance.
“According to FireCharts’ CVD analysis with bins, which was shared on X (previously Twitter), it appears that purple whales were the ones who purchased the dip in Bitcoin.”
BTC/USD thus circled its daily opening level at around $69,100 at the time of writing.
“Once more, Bitcoin has surpassed $69,000, and its daily chart now shows a green candle,” noted trader Jelle in his reply.
Daan Crypto Trader pointed out that the recent drop in Bitcoin’s price beneath $68,000 created a new “hole” in CME Bitcoin futures markets during the weekend due to volatile trading outside of regular market hours.
Bitcoin ETFs cling to unbroken inflows
The U.S. spot Bitcoin exchange-traded funds (ETFs) continued their slow grind.
On April 9, the two biggest investment firms, BlackRock and Fidelity Investments, experienced small increases in assets under management. This prevented them from having a negative net flow day, keeping their positive streak alive, as evidenced by data from various sources, including Farside, a UK-based investment firm.
On the whole, April 9th saw a total net loss of approximately $18.6 million. This was primarily due to The Grayscale Bitcoin Trust (GBTC) experiencing an outflow of around $155 million.
On April 10th, according to data from Arkham, a crypto intelligence firm as reported by Daan Crypto Trades, GBTC experienced withdrawals of approximately 2,600 Bitcoin or around $180 million in value.
According to CryptoMoon’s latest update, Hong Kong intends to facilitate the approval process for Bitcoin spot ETFs, moving expeditiously in this regard.
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2024-04-10 21:32