Bitcoin Faces One Major Hindrance To Reaching New $75,000 All-Time High
21 März 2024 - 3:00PM
NEWSBTC
Bitcoin is still struggling to reclaim its all-time high even after
staging an impressive recovery in the last day. The bounce up from
$60,000 to $68,000 has no doubt reignited confidence in the market,
but the cryptocurrency continues to face some challenges in its bid
for a new all-time high. Outflows Continue To Rock Bitcoin ETFs
Over the last few months, Spot Bitcoin ETFs have done very well
when it comes to inflows, hitting record after record. This saw
issues such as BlackRock garner a large number of coins in a short
time, which contributed to the Bitcoin run to new all-time highs.
Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take
Possession Of 23 Trillion SHIB However, as the market gets used to
the Spot Bitcoin ETFs being a part of daily investing, outflows
have begun to rise. Mainly, these outflows have been from the
Grayscale Spot Bitcoin ETF as investors flee from the fund due to
their high fees. The same was the case back in January which
triggered a crash in the market. In the last few days, outflows
have been dominating the ETF net flows. Data from Coinglass shows
that net flows first turned negative at the start of the week on
March 18, with $154.3 million flowing out of the funds. The next
day, March 19, another $326.2 million left the funds, leading to
higher negative flows than the previous day. Then, on March 20, net
flows were negative once more, with $261.5 million leaving the
funds. This trend marks the first time since January that Spot
Bitcoin ETFs have seen three consecutive days of outflows, which is
in stark contrast to the previous week, which saw daily inflows hit
a new all-time high of $1.04 billion on March 12. BTC Price Buckles
Under Sell Pressure The sell pressure Bitcoin is shouldering right
now is similar to the one seen in January right after the United
States Securities and Exchange Commission (SEC) had given the green
light to Spot Bitcoin ETFs for trading. The BTC price also suffered
crashes during this time, dropping as low as $38,000. Related
Reading: Crypto Expert Reveals Why XRP Price Will Rise 1,700% To
$10 However, the Bitcoin price had begun to pick up right after the
Grayscale outflows slowed down, giving demand enough time to catch
up with supply. Just like before, the outflows are being led by
Grayscale and until the outflows slow down, BTC could continue to
decline. A turn in the tide from here, nevertheless, would give
Bitcoin a lot of runway. A similar surge, as recorded after the
outflows ended in January, would easily put the price past $75,000,
which would be a new all-time high for cryptocurrency. For now, BTC
is trading at a $67,320, with a 5.51% increase in the last 24
hours. BTC price crosses $67,000 | Source: BTCUSD on
Tradingview.com Featured image from Inside Bitcoins, chart from
Tradingview.com
Flow (COIN:FLOWUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Flow (COIN:FLOWUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024