Amid the ongoing challenges in the cryptocurrency market, in the United States, Bitcoin ETFs (Exchange Traded Funds) saw a positive net inflow of +$60M on April 19, 2024, reversing 5 days of negative trends, as per the data shared by the on-chain analytic firm Spotonchain. However, this positive net inflow comes following the completion of the Bitcoin halving.
Net inflows of Bitcoin ETFs come positive
Additionally, the on-chain analytic firm, X, also highlighted that all 10 Spot Bitcoin ETF providers, including Grayscale, BlackRock, Fidelity, WisdomTree, and others, witnessed inflows or outflows of less than $55 million. It indicates that the movements in funds for these ETFs were relatively moderate compared to larger sums.
Lookonchain also highlighted that Grayscale Bitcoin Trust’s (GBTC) outflow has fallen to $45.8 million from $90 million. Meanwhile, Fidelity Wise Origin Bitcoin Fund surpassed BlackRock iShares Bitcoin Trust (IBIT) in inflows for the 2nd consecutive day. This signals renewed investor interest in Bitcoin despite recent volatility.
Following the net positive inflow and completion of Bitcoin halving, today on April 20, 2024, Bitcoin, in the last 24 hours, experienced nearly 2% of downside momentum and is currently trading near $63,700. However, if we look at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin experienced over 5% of downside momentum. Whereas, in the last 30 days, Bitcoin remains stable.
Bitcoin Technical analysis and key levels
According to expert technical analysis, Bitcoin on a daily time frame is consolidating in a tight range between $60,850 and $64,500 levels. Following this ongoing consolidation in Bitcoin, there is no clear sign of whether Bitcoin will head in the upcoming days. But as the Bitcoin halving gets completed, there is a high possibility of upside momentum.
Analysts and investors were continuously speculating that the overall cryptocurrency market may experience massive upside momentum after Bitcoin Halving, but there is no indication of any bullishness in Bitcoin price. Besides Bitcoin, other top cryptocurrencies including Ethereum, Solana, Ripple, Cardano, and others are also experiencing downside momentum.
