Trader optimism soared following the approval of spot Bitcoin and Ethereum ETFs in Hong Kong. However, the initial reaction was less than stellar, with Bitcoin experiencing a -6% drop in value.
🇭🇰 Trader optimism is high after #HongKong approved spot #Bitcoin & #Ethereum #ETF’s today. Unsurprisingly, though, the initial market impact has been negative, with $BTC dropping -4.5% since the news hit the public. When #FOMO dies down, expect a bounce. https://t.co/aJypD7nAi7 pic.twitter.com/TIFy0T1IPF
— Santiment (@santimentfeed) April 15, 2024
Despite market volatility over the weekend, Bitcoin key stakeholders have shown resilience, holding onto their positions. Notable whale groups have been actively accumulating Bitcoin since March 1st, with significant sums being accumulated across various wallet sizes.
🐳 #Bitcoin key stakeholders aren’t budging on their holdings, despite the concerning volatility that brought the top market cap #cryptocurrency’s market value as low as $61.5K over the weekend.
With #FUD circulating among traders as markets close in on the April 19th #halving,… pic.twitter.com/TYmvQA6WBc
— Santiment (@santimentfeed) April 15, 2024
Data from Glassnode indicates a shift in Bitcoin wealth dynamics, with a notable increase in the proportion of newer holdings. This suggests a balance between long-term holders and new demand, potentially influencing market sentiment.
During the last two bull markets, the aggregate share of #Bitcoin wealth aged less than 6-months old reached between 84% and 95%, indicating a saturation of newer holders.
This metric has increased dramatically since early 2023, rising from 20% on 1-Jan-2023 to 47% today. This… pic.twitter.com/9Oo8ZfX71Z
— glassnode (@glassnode) April 15, 2024
Bitcoin Whale Sell Off BTC Holds In Loss
In the face of declining prices, one whale made a significant sell-off, offloading 1.2K $BTC($75.55M) at a loss. However, despite this, addresses holding at least 0.1% of Bitcoin circulating supply have continued to accumulate, adding over 3000 $BTC or $198 million worth of assets today.
🚨 $BTC #ETFs Net Inflow Apr 15, 2024: -$37M!
• The net inflow has been negative for 2 consecutive trading days.
• Only Grayscale Bitcoin Trust $GBTC and BlackRock iShares Bitcoin Trust $IBIT had out/inflow today, while other 8 #BitcoinETFs continued to have zero net flows… pic.twitter.com/uVIpCjHdty
— Spot On Chain (@spotonchain) April 16, 2024
Spotonchain data reveals a negative net inflow of -$37 million for Bitcoin ETFs on April 15, marking the second consecutive day of outflows. Notably, only Grayscale Bitcoin Trust $GBTC and BlackRock iShares Bitcoin Trust $IBIT saw any activity, while other BitcoinETFs remained stagnant.
Amidst market uncertainty, geopolitical tensions, sparked by an attack on Israel by Iran, have further contributed to the cautious sentiment among investors. As the market awaits further developments, the situation remains tense, with traders keeping a close eye on potential geopolitical impacts on market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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