The recent drop in Bitcoin’s price to $65.1K has had a ripple effect across the broader cryptocurrency market, leading to a 3.61% decrease in overall market caps over the past 7 days.
Additionally, trading volume has experienced an 18.84% decline compared to the previous week.
📉 #Bitcoin's drop to as low as $65.5K today has continued to drag down most of #crypto along with it. In the past 7 days, there has been a -3.61% drop in overall market caps. Trading volume is down -18.84% compared to the week prior. https://t.co/LqQQV1jZbj pic.twitter.com/YhjzO0O54V
— Santiment (@santimentfeed) April 4, 2024
Analyst Ali Martinez noted a correlation between Bitcoin’s price movements and those of the Nasdaq, suggesting a potential mirroring effect. To confirm this pattern, Bitcoin would need to swiftly rebound above the $69,000 mark. Presently, Bitcoin is trading at $66.1K.
#Bitcoin seems to be mirroring the Nasdaq's price movements closely. To validate this pattern, $BTC must swiftly recover above $69,000! pic.twitter.com/oRCiJ6a7Ei
— Ali (@ali_charts) April 3, 2024
Data from the kucoin exchange’s latest asset reserve certificate revealed notable changes in user asset holdings. BTC assets decreased by 25.4% to 12,114, while ETH assets decreased by 21.91% to 112,000. USDT assets also saw a decline, dropping by 21.5% to 963 million.
KuCoin released the latest (March 31) asset reserve certificate. The user’s BTC assets were 12,114, a decrease of 25.4% from the last time (February 29); the user’s ETH assets were 112,000, a decrease of 21.91%; users USDT assets are 963 million, a decrease of 21.5%.… pic.twitter.com/Bpk5Z9djCj
— Wu Blockchain (@WuBlockchain) April 3, 2024
Bitcoin ETF Net Inflow Turns Positive
Spotonchain’s data on Bitcoin ETF net inflow for April 3, 2024, showed a significant increase, totaling +114M. This marks a 192% surge compared to the previous trading day.Â
🚨 $BTC #ETF Net Inflow Apr 03, 2024: +114M!
• The net inflow increased by 192% compared to the previous trading day.
• #Grayscale Bitcoin Trust $GBTC single-day outflow further dropped to $75.1M, the lowest level in the past 26 trading days.
• #Fidelity Wise Origin Bitcoin… https://t.co/vfpWl9yF8t pic.twitter.com/7RZZZ0o5SR
— Spot On Chain (@spotonchain) April 4, 2024
Grayscale Bitcoin Trust (GBTC) experienced a single-day outflow of $75.1M, reaching its lowest level in the past 26 trading days. Conversely, Fidelity Wise Origin Bitcoin Fund (FBTC) saw a notable uptick, with a single-day inflow of $116.7M, placing it at the top of the leaderboard.
As Bitcoin’s price continues to fluctuate and influence market sentiment, investors will closely monitor its performance alongside other key indicators to gauge the overall direction of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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