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Crypto Market Moves Flat, Weakening Bitcoin ETF Inflows Become a Trigger
Todaysgist.com, Jakarta It is observed that the crypto and Bitcoin markets are still weakening and tend to stagnate towards the end of the week. One of the sluggish movements in Bitcoin is that the flow of funds to the spot BTC ETF market in the United States continues to weaken.
Tokocrypto trader, Fyqieh Fachrur explained, BTC-spot ETF market flow data put pressure on BTC throughout last Thursday's session. On Wednesday, the BTC-spot ETF market saw a total net outflow of USD 120.6 million or the equivalent of IDR 1.9 trillion (assuming an exchange rate of 16,226 per US dollar).
BTC reacted to BTC-spot ETF flow data, falling to a session low of USD 62,844 or the equivalent of IDR 1.01 billion.
“Even though it had returned to the position of USD 64,000 or the equivalent of Rp. 1.03 billion, BTC weakened again after US economic indicators released on Thursday evening encouraged BTC sales,” said Fyqieh in a weekend analysis received by Todaysgist.com, Friday (26/4 /2024).
Fyqieh added that the US economy only grew by 3.1% in the first quarter of 2024, compared to 3.4% in the fourth quarter of 2023. Weaker growth raised concerns about the Fed's interest rate cut in 2024.
A disappointing US GDP data report also spooked investors, with hopes of an interest rate cut this year fading, hitting risk assets across the market, including crypto.
Meanwhile the yield on 10-year US Treasury bonds jumped 8 basis points to 4.73%, the highest figure since November. The decline in Bitcoin prices was also influenced by several factors, such as profit taking from investors after a large price increase, or concerns about tensions in the Israel-Iran conflict.
Apart from that, it could also be triggered by the massive sale of crypto assets as a whole due to uncertainty related to lawsuits plaguing companies and figures in the global crypto industry.
“Ultimately, Bitcoin's negative performance of late can be attributed, at least in part, to fears of a US stock market correction or tech companies' quarterly reports, escalating crises in the Middle East, and waning confidence in China's economy,” Fyqieh explained.
Crypto Market Moves Flat, Weakening Bitcoin ETF Inflows Become a Trigger
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