Bitcoin (BTC) continues its price decline into the third day of April. BTC’s value momentarily dipped to $64,673 during the early trading hours in Asia. Nonetheless, a slight recovery was noted, with the cryptocurrency trading at $66,286 at the time of this report.
The recent dip also marks Bitcoin’s lowest price point for the past seven days.
Spot Bitcoin ETFs Outflows Stir Market Concerns
Analysts are linking the recent downturn to outflows from US-traded spot Bitcoin exchange-traded funds (ETFs).
According to Farside data, spot Bitcoin ETFs have experienced a cumulative outflow of $110.2 million during the early Asia market. ARK 21Shares Bitcoin ETF (ARKB) has emerged as the largest contributor to this trend, with an $87.5 million outflow. This development is particularly intriguing given that Grayscale Bitcoin Trust (GBTC) has long stood in spot Bitcoin ETF outflows since March 15, 2024.
It’s important to highlight that the data, which appeared during early Asia market hours, was incomplete. Specifically, it didn’t include BlackRock’s iShares Bitcoin Trust (IBIT), which has seen consistent inflows during the same period.
Nonetheless, experts believe even this partial picture could be influencing market sentiment.
“From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this,” Shiliang Tang, president of Arbelos Markets, elaborated.
However, the spot Bitcoin ETF outflows might not be the only reason for Bitcoin’s drop. As reported earlier by BeInCrypto, the yields on Treasury bonds have risen, causing hopes for interest-rate cuts by the Federal Reserve in May to fade.
Market analysts are now closely watching the Federal Reserve’s upcoming decisions. According to data from the CME group, there is a 95% probability that the Fed will maintain its target rates in the May meeting.
Despite the current downturn, market analysts remain optimistic about Bitcoin’s prospects, particularly in anticipation of the upcoming halving event scheduled for April 20, 2024.
Mark Yusko, CEO and Chief Investment Officer at Morgan Creek Capital, expressed optimism during a CNBC interview. Yusko predicts that Bitcoin’s price could double to $150,000 this year.
“The big move happens post-halving. It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market,” Yusko explained.
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