Bitcoin has staged a remarkable recovery, surging back above the $69,000 mark after a recent dip below $65,000 that left many traders on edge.
The sudden drop is widely attributed to reports of U.S. government authorities selling nearly 10,000 bitcoins seized from the Silk Road.
This news has sparked fear among traders, especially with the prospect of four more similar-sized sell-offs expected throughout 2024.
📈 #Bitcoin has bounced all the way back above $69K after dropping below $65K just two days ago. The culprit of the fall, according to most of the #crypto community, is attributed to the U.S. government authorities' admission to selling nearly 10,000 $BTC from the #silkroad… pic.twitter.com/PiCrZo2YaI
— Santiment (@santimentfeed) April 4, 2024
Bybit, the third-largest offshore exchange, recently released its ninth reserve certificate on April 3, revealing significant increases in users’ BTC, ETH, and USDT assets.
BTC holdings saw a notable uptick of 16.44%, adding 6,273 BTC, while ETH assets increased by 15.95%, adding 47,700 ETH. Users’ USDT holdings also saw a rise of 10.62%, adding 226 million USDT.
Bybit, the third largest offshore exchange, released its ninth reserve certificate (April 3). Users' BTC assets increased by 16.44% from February 1, adding 6,273 BTC; users' ETH assets increased by 15.95%, adding 47,700 ETH; users' USDT assets increased by 10.62%, adding 226… pic.twitter.com/TnXcZ2oDiT
— Wu Blockchain (@WuBlockchain) April 5, 2024
Bybit’s net inflow over the past month amounted to $534 million, indicating sustained investor interest despite recent market volatility.
Bitcoin ETF Net Inflow Records Massive Positive High
Spotonchain data further highlights the ongoing investor confidence in Bitcoin, with BTC ETF net inflow for April 4, 2024, reaching +213 million. This marks an 87% increase compared to the previous trading day, signaling renewed bullish sentiment in the market.
Grayscale Bitcoin Trust (GBTC) has also seen a positive trend, experiencing single-day outflows below $100 million for three consecutive trading days.
🚨 $BTC #ETF Net Inflow Apr 04, 2024: +213M!
• The net inflow increased by 87% compared to the previous trading day.
• #Grayscale Bitcoin Trust $GBTC has been experiencing single-day outflows of below $100M for 3 consecutive trading days.
• The cumulative total net inflow… https://t.co/H9PDCFAlG8 pic.twitter.com/iTkrubEwn4
— Spot On Chain (@spotonchain) April 5, 2024
The cumulative total net inflow for GBTC after 58 trading days now stands at an impressive $12.41 billion, underscoring continued institutional interest in Bitcoin as a long-term investment.
Despite initial concerns surrounding the Silk Road seizure, Bitcoin’s resilience and strong fundamentals have once again buoyed investor confidence, leading to a swift rebound in prices.
As the cryptocurrency market continues to evolve, investors remain optimistic about Bitcoin’s potential for future growth and adoption.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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