BlackRock’s 71-day streak of ETF inflows has come to an end, raising concerns about the future of the Bitcoin market. Although Bitcoin’s price has seen a modest increase to $64,165, there are indications of potential volatility. In light of recent financial shifts, this article provides a Bitcoin price prediction.
Preliminary data from Farside Investors shows that BlackRock’s IBIT, a spot Bitcoin ETF trading on Nasdaq, has experienced a decline in popularity. For the first time since its launch on January 11, IBIT failed to attract any new investments, ending its streak of continuous inflows. This trend is also seen in seven out of ten similar funds.
However, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF have seen modest inflows of $5.6 million and $4.2 million, respectively. On the other hand, Grayscale’s GBTC has faced significant withdrawals, with $130.4 million leaving the fund, resulting in a net outflow of $120.6 million, the largest since April 17.
Despite the cooling off of enthusiasm for Bitcoin ETFs this month, these funds have collectively accumulated over $12 billion in net inflows. BlackRock’s IBIT alone has amassed over $15 billion since its debut.
Hong Kong is preparing to launch Bitcoin and Ether ETFs by the end of April, aiming to establish itself as a major digital asset hub. This move challenges the dominance of the United States, where similar funds have accumulated $56 billion. However, Hong Kong faces challenges such as lower brand recognition compared to U.S. giants like BlackRock and Fidelity, as well as local demand and regulatory hurdles. The cryptocurrency ban in China also poses a significant obstacle.
Fidelity’s Bitcoin ETF has recently received a record $40 million investment from financial advisors at Legacy Wealth Management and United Capital Management of Kansas. This marks the largest single investment in a Bitcoin fund to date and indicates growing confidence among traditional investors. However, there is still concern over the low public participation in Bitcoin ETFs, despite institutional interest.
Today’s technical outlook for Bitcoin suggests a slight increase in price to $64,165, up by 0.10%. The immediate resistance levels are at $67,687, $69,232, and $71,068, while support levels are identified at $63,654, $61,387, and $59,746. A drop below these support levels could intensify bearish trends. The Relative Strength Index (RSI) stands at 38, suggesting that Bitcoin is nearing oversold conditions.
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