Crypto News

Bitcoin Rebounds Above $69K Amid Concerns Over Silk Road Seizure

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.

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’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. 

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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