Bitcoin Leads Market Lower, $140 Million Liquidated in an Hour Today, Bitcoin dropped from $69,000 to below $67,000 in 20 minutes. It is currently trading at $66,673, down 5
Bitcoin's Halving Approaches, Market Dips, Sentiment Stays Bullish
Introduction
With less than 20 days to go until Bitcoin's fourth "halving," the market has been largely optimistic. However, recent days have seen a broad-based downturn.
Bitcoin Leads Market Lower, $140 Million Liquidated in an Hour
Today, Bitcoin dropped from $69,000 to below $67,000 in 20 minutes. It is currently trading at $66,673, down 5.64% in the past 24 hours. Ethereum has fallen below $3,400, currently trading at $3,362, down 6.91% over the same period. BNB, SOL, and AVAX have declined by 7.0%, 9.1%, and 10.8%, respectively.
According to Coinglass data, $162 million was liquidated across the market in the past hour, with $146 million of that occurring in long positions. Over the past 24 hours, $473 million has been liquidated, with $402 million from longs.
ETF Outflows
The community believes that the recent Bitcoin selloff has been largely driven by significant outflows from ETFs.
Data from HODL15Capital shows that on April 2nd, spot Bitcoin ETFs experienced net outflows of $88 million. IBIT saw inflows of $164 million, while Grayscale's GBTC recorded outflows of $303 million. Additionally, ARKB had its first day of outflows, totaling $300,000, according to Farside Investors.
FactSet data indicates that the Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin Fund all experienced declines of around 3% yesterday. This may have also contributed to the broader market sell-off.
Bullish Sentiment Persists, April Rally to $84,000 Possible
Despite the market-wide decline, most assets have only lost between 5% and 10% in the past 24 hours. Overall bullish sentiment appears to be intact. The Crypto Fear & Greed Index from Alternative.me is currently at 79, down from 81 last week. The market remains in extreme greed territory, with no signs of cooling off.
Community members are generally optimistic about the crypto market in April.
Halving Tailwinds
The halving is a confirmed positive factor. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, stated that Bitcoin could rally another 150% during the current bull market cycle. He forecasted a potential peak of $180,000 based on factors such as spot Bitcoin ETFs and the supply reduction that will come with the upcoming halving.
Matrixport analyst Markus Thielen also expressed a bullish outlook for April in a March 29th article. He believes that Bitcoin could extend its seven-month rally by another 12% in April, pushing above $70,000 and reaching $84,000.
Other Factors
Zhu Su, co-founder of Three Arrows Capital, recently said on social media, "I really don't understand the bear case here. April is structurally extremely bullish. Bitcoin halving incoming, Ethereum ETF incoming, normies waking up from their long slumber, no NFTs at Art Basel this year. We are still early."
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