Last week, spot Bitcoin It was noted for dramatic shifts in investor sentiment and significant fund flows in its ETFs. The week started out on a noteworthy note on Monday, with total outflows in BTC ETFs hitting a record of $223.8 million.
The outflow trend continued Tuesday with net outflows of $18.6 million from smaller but notable funds. However, on Wednesday, Bitcoin ETFs regained momentum, recording a total inflow of $123.7 million.
As we reported as Koinfinans.com, during this period, outflows in GBTC decreased to 17.5 million dollars, while BlackRock’s IBIT experienced an inflow of 33.3 million dollars. At the same time, Fidelity Wise Bitcoin ETF (FBTC) came out on top with an inflow of $76.3 million. This sudden change created a renewed wave of optimism in the market, signaling a potential shift in investor sentiment.
On Thursday, Spot Bitcoin ETFs recorded an inflow of $91.3 million. However, GBTC saw an outflow of $124.9 million despite the previous day’s recovery. On the other hand, BlackRock ETF recorded a significant inflow of $192.1 million.
The fluctuation in fund flows continued on Friday, with total outflows rising to $55.1 million. GBTC experienced an outflow of $166.2 million, accounting for the bulk of the outflows. BlackRock’s ETF recorded an inflow of $111.1 million. Thus, total weekly outflows reached $82.5 million.
Bitcoin Price and Metrics Are Moving Negatively
Bitcoin pricefell on Saturday due to weak ETF inflows. This decline was accompanied by large-scale liquidations. The decline gained momentum as long positions were closed aggressively.
On Sunday, April 14, Bitcoin fell to $60,900. As of press time, Bitcoin price was down 4.04% to $64,602.22. But its market cap was still $1.27 trillion. The transaction volume for BTC increased by 23.99% to $59.76 billion.
In the last 24 hours, a massive BTC liquidation of $342.03 million took place, according to Coinglass. $263.67 million of this liquidation was attributed to long positions and may have accelerated the decline in Bitcoin price. However, crypto analysts are still optimistic about the future of BTC.
The influencer, also known as “BitBoy Crypto,” believes BTC will surpass $100,000 in 2024. Michaël van de Poppe claims that the Bitcoin bull run has not started yet.
He notes that this rally is a reaction to the launch of Spot Bitcoin ETFs. They also see the decline in Bitcoin price as an opportunity and think that buying altcoins at low levels could be a good strategy. They also expect Bitcoin’s price to reach new highs soon.
On the other hand, another crypto analyst known as “Doctor Profit” predicts a limited increase in BTC price. In the midst of the downtrend, he says, “The next big move could only be up to $77-78K.”
