- BTC spot ETF saw an outflow of over $200 million.
- Exchange netflow was dominated by positive flow.
Following the approvals of spot Bitcoin [BTC] ETFs in the US, Bitcoin has experienced sustained high volumes of flows. As the price of BTC appeared poised to reclaim its all-time high, the flow of ETFs peaked for the month.
Outflow dominates Bitcoin spot ETF volume
Analysis of the Bitcoin spot ETF Netflow on Coinglass revealed that it observed its highest flow since 27th March on 8th April. However, this flow marked a deviation from the trend observed in recent days.
Source: Coinglass
According to the chart, 8th April saw a significant outflow, the first of its kind since 20th March. The data showed an outflow of over $223 million worth of BTC on 8th April.
Interestingly, the last time such a volume of outflow occurred, Bitcoin was experiencing a price decline. Contrary to previous instances, this outflow occurred while Bitcoin rose, surpassing $71,000.
Bitcoin sees more exchange inflow
While the Bitcoin spot ETF experienced a significant outflow amidst the price rise, the general BTC netflow exhibited the opposite trend on 8th April. Analysis of the netflow indicated a dominance of inflows, suggesting that more traders were depositing their holdings into exchanges.
Source: CryptoQuant
However, it’s noteworthy that despite the dominance of inflows, the volume was not particularly significant. The total inflow recorded was approximately 555 BTC. At the moment, the inflow has increased to over 1,300 BTC.
Although the Bitcoin spot ETF and Exchange Netflow metrics seemingly moved in opposite directions, their underlying responses are similar.
A surge in spot ETF outflow indicates that shareholders are selling, potentially motivated by various factors, including profit-taking. Similarly, the prevalence of inflows in exchange netflow suggests that holders also sell to secure profits.
In both scenarios, the driving force is the rise in BTC price, a common factor influencing these actions.
BTC price rise takes a breather
On 8th April, the price of Bitcoin surged by approximately 1.73%, reaching around $71,313. While this wasn’t Bitcoin’s peak, analysis indicated it marked the third-highest price in its history.
Read Bitcoin (BTC) Price Prediction 2024-25
However, by the time of this writing, the price had experienced a decline. BTC was trading at around $70,400, reflecting a decrease of over 1%.
Although this decline represented a setback from the previous day’s rally, BTC remained within a bullish trend regardless.
Source: TradingView
- BTC spot ETF saw an outflow of over $200 million.
- Exchange netflow was dominated by positive flow.
Following the approvals of spot Bitcoin [BTC] ETFs in the US, Bitcoin has experienced sustained high volumes of flows. As the price of BTC appeared poised to reclaim its all-time high, the flow of ETFs peaked for the month.
Outflow dominates Bitcoin spot ETF volume
Analysis of the Bitcoin spot ETF Netflow on Coinglass revealed that it observed its highest flow since 27th March on 8th April. However, this flow marked a deviation from the trend observed in recent days.
Source: Coinglass
According to the chart, 8th April saw a significant outflow, the first of its kind since 20th March. The data showed an outflow of over $223 million worth of BTC on 8th April.
Interestingly, the last time such a volume of outflow occurred, Bitcoin was experiencing a price decline. Contrary to previous instances, this outflow occurred while Bitcoin rose, surpassing $71,000.
Bitcoin sees more exchange inflow
While the Bitcoin spot ETF experienced a significant outflow amidst the price rise, the general BTC netflow exhibited the opposite trend on 8th April. Analysis of the netflow indicated a dominance of inflows, suggesting that more traders were depositing their holdings into exchanges.
Source: CryptoQuant
However, it’s noteworthy that despite the dominance of inflows, the volume was not particularly significant. The total inflow recorded was approximately 555 BTC. At the moment, the inflow has increased to over 1,300 BTC.
Although the Bitcoin spot ETF and Exchange Netflow metrics seemingly moved in opposite directions, their underlying responses are similar.
A surge in spot ETF outflow indicates that shareholders are selling, potentially motivated by various factors, including profit-taking. Similarly, the prevalence of inflows in exchange netflow suggests that holders also sell to secure profits.
In both scenarios, the driving force is the rise in BTC price, a common factor influencing these actions.
BTC price rise takes a breather
On 8th April, the price of Bitcoin surged by approximately 1.73%, reaching around $71,313. While this wasn’t Bitcoin’s peak, analysis indicated it marked the third-highest price in its history.
Read Bitcoin (BTC) Price Prediction 2024-25
However, by the time of this writing, the price had experienced a decline. BTC was trading at around $70,400, reflecting a decrease of over 1%.
Although this decline represented a setback from the previous day’s rally, BTC remained within a bullish trend regardless.
Source: TradingView
clomiphene for sale in usa where to get clomid no prescription clomiphene price in usa where can i get cheap clomid can i order clomiphene pills clomid bula profissional where to get clomid without prescription
More articles like this would make the blogosphere richer.
More posts like this would make the blogosphere more useful.
azithromycin online order – generic azithromycin 250mg purchase flagyl generic
rybelsus 14mg uk – rybelsus 14mg pills order periactin 4mg sale
buy motilium sale – order motilium 10mg buy cyclobenzaprine 15mg online cheap
buy generic clavulanate online – https://atbioinfo.com/ purchase ampicillin online cheap
esomeprazole 40mg canada – https://anexamate.com/ buy cheap generic esomeprazole
oral coumadin 2mg – blood thinner order cozaar 25mg for sale
purchase mobic without prescription – https://moboxsin.com/ buy generic meloxicam over the counter
order deltasone for sale – https://apreplson.com/ generic prednisone 5mg
amoxil pill – combamoxi.com buy amoxil generic
order diflucan 100mg pill – how to get forcan without a prescription how to get forcan without a prescription
buy cenforce 50mg online – cenforce rs where to buy cenforce without a prescription
side effects cialis – https://strongtadafl.com/ does cialis make you harder
order ranitidine online cheap – zantac 300mg for sale oral ranitidine 300mg
viagra online discount – click viagra buy tesco
The reconditeness in this serving is exceptional. cost zithromax
I’ll certainly bring back to be familiar with more. https://prohnrg.com/product/get-allopurinol-pills/
This website absolutely has all of the information and facts I needed adjacent to this subject and didn’t comprehend who to ask. https://aranitidine.com/fr/ciagra-professional-20-mg/
With thanks. Loads of conception! https://ondactone.com/simvastatin/
This is the amicable of glad I have reading.
https://proisotrepl.com/product/propranolol/
More text pieces like this would make the web better. http://zgyhsj.com/space-uid-977929.html
order forxiga pills – on this site dapagliflozin for sale online
xenical drug – orlistat where to buy orlistat order online
Facts blog you possess here.. It’s obdurate to assign elevated calibre writing like yours these days. I truly comprehend individuals like you! Withstand vigilance!! https://experthax.com/forum/member.php?action=profile&uid=124824