cryptocurrency Amid the turbulent period in the market, the decline in Bitcoin has made investors nervous before the halving.
Bitcoin The recent decline in prices in the USA spot Bitcoin ETFWhile it is thought to be closely linked to the outbursts in ‘s Bloomberg analyst Eric BlchunasA new post came from .
at this point BTC Emphasizing that the outflows in ETFs were relatively small, Balchunas stated that the recent outflows were not a reason to be alarmed in Bitcoin.
Bloomberg analyst stated that it is quite normal for ETF excitement to cool down after the records. He said that the recent price drop was due to BTC investors, called HODLers, and not institutional investors in ETFs:
“While it has been said that “it is all over” lately, I would like to offer a different perspective on the ETF flow:
1. It’s only natural for the ETF category to cool off after such a breathtaking pace, especially with prices dropping 12% in the last 5 days.
2. The outbursts experienced are extremely small and microscopic in size. Because in the last five days, the net flow of the ten companies was -223 million dollars; This represents 1% of the ten’s net inflows and 0.4% of its assets since launch.
3. This net figure is still tied to GBTC, as the new nine has seen a +$330 ENTRANCE in the last 5 days, extending the IBIT entry streak to 67 days, which is a minor miracle.
4. Back to the 12% price drop in 5 days: 1) this applies to BTC natives called HODLers. So the recent decline was not caused by institutional investors. 2) despite the price drop, BTC is up 144% since BlackRock filed last June, which is 10x the Invesco QQQ return = if you are depressed about these returns on Bitcoin you should seek medical attention.”
Bitcoin is traded at $63,970 with the rise it has experienced in recent hours.
Some perspective on the “it’s so over” ETF flows lately:
1. Totally normal for ETF category to cool off after breathing pace like this, esp w/ price down 12% in past 5 days (more on that in a minute)
2. It’s microscopic. Over past five days the ten’s net flows are -$223m,… https://t.co/Yd56QxYWMs— Eric Balchunas (@EricBalchunas) April 18, 2024
*This is not investment advice.
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