Bitcoin Price Prediction as BlackRock’s 71-Day ETF Inflows Streak Ends – Is a Bear Market Starting?

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As BlackRock’s 71-day ETF inflow streak comes to an end, the Bitcoin market faces new uncertainties. Despite a modest increase to $64,165, Bitcoin’s trading dynamics hint at potential volatility. This update provides a Bitcoin price prediction in light of recent financial shifts.

BlackRock’s IBIT ETF Sees First Investment Drop, as Bitcoin Fund Inflows Cool

BlackRock’s IBIT, a spot bitcoin ETF trading on Nasdaq, experienced a noticeable decline in popularity, according to preliminary data from Farside Investors.

For the first time since its launch on January 11, IBIT failed to attract any new investments, ending its 71-day streak of continuous inflows. This trend was echoed by seven out of ten similar funds.

Meanwhile, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw modest inflows of $5.6 million and $4.2 million, respectively.

In contrast, Grayscale’s GBTC faced significant withdrawals, with $130.4 million exiting the fund, culminating in a net outflow of $120.6 million—the largest since April 17.

• BlackRock’s IBIT has accumulated over $15 billion since its debut.
• Collectively, the 11 tracked funds have seen more than $12 billion in net inflows.

Despite a strong start with heavy initial investment, the overall enthusiasm for these bitcoin ETFs has cooled off this month, dampening the previous momentum in the bitcoin market.

Hong Kong Tests Crypto Ambitions with New ETF Launches Amid Regulatory Challenges

Hong Kong is gearing up to launch Bitcoin and Ether ETFs by the end of April, aiming to position itself as a major digital asset hub. This move is set to challenge the dominance of the United States, where similar funds have accumulated $56 billion.

However, Hong Kong faces challenges, including lower brand recognition compared to U.S. giants like BlackRock and Fidelity, and it must also navigate local demand and regulatory hurdles.

Hong Kong is set to follow in the footsteps of the US by listing a batch of cryptocurrency ETFs, providing a window on whether the city is making progress on fashioning a hub for digital assets https://t.co/5FngKs7daj

— Bloomberg (@business) April 23, 2024

Unlike U.S. ETFs that use cash redemptions, Hong Kong plans to utilize in-kind procedures to boost efficiency. Despite these efforts, the overarching cryptocurrency ban in China remains a significant obstacle.

• Hong Kong’s crypto ETF launches aim to bolster its status as a digital asset hub.
• Challenges include regulatory hurdles and competition with established U.S. financial giants.

Fidelity’s Bitcoin ETF Lands Record $40M Investment Amid Mixed Market Signals

Fidelity’s Bitcoin ETF recently secured a record $40 million investment from financial advisors at Legacy Wealth Management and United Capital Management of Kansas. This marks the largest single investment in a Bitcoin fund to date.

The investment represents 6% and 5% of their respective portfolios, signaling growing confidence among traditional investors.

#Fidelity’s Bitcoin #ETF draws $40M in largest single investment from advisers :
Financial advisers Legacy Wealth Management and United Capital Management of Kansas have each invested $20 million in shares of the Fidelity Wise Origin #Bitcoin Fund (#FBTC).

Fidelity’s Bitcoin… pic.twitter.com/TehT4KTYjl

— TOBTC (@_TOBTC) April 23, 2024

Despite this, there is concern over the low public participation in Bitcoin ETFs. Although Fidelity’s fund is the second largest, boasting assets over $10 billion, demand is waning, as evidenced by recent net outflows.

This scenario underscores the rising institutional interest in Bitcoin, while also highlighting the challenges that hinder broader ETF adoption.

• Fidelity’s Bitcoin ETF attracts a record single investment.
• Concerns over low public participation persist despite institutional interest.

Bitcoin Price Prediction

Today’s technical outlook for Bitcoin (BTC/USD)  indicates a slight increase in its price to $64,165, up by 0.10%. Bitcoin’s current pivot point is at $65,825, a critical juncture that suggests potential shifts in market dynamics.

The immediate resistance levels are at $67,687, $69,232, and $71,068. Should BTC surpass these thresholds, it could signal stronger bullish momentum. Conversely, support levels are identified at $63,654, $61,387, and $59,746.

A drop below these could intensify bearish trends. The Relative Strength Index (RSI) stands at 38, suggesting that Bitcoin is nearing oversold conditions, while the 50-day Exponential Moving Average (EMA) at $65,223 serves as near-term resistance.

Overall, Bitcoin’s market stance appears bearish below the pivot point of $65,825.

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