The Bitcoin spot ETF frenzy has subsided for the third week in a row, according to analyst Yu Yin’s data. After the opening of the US stock market next Monday (April 29th), these ETFs’ custody addresses will have a net outflow of approximately 1,310 bitcoins. Additionally, 10XResearch also expresses a pessimistic view on the future market situation.
(Previous Summary: The BNY Mellon Bitcoin Spot ETF “IBIT” has had continuous net inflows for 70 days, entering the top ten historical rankings.)
(Background Supplement: Has the Bitcoin spot ETF frenzy subsided? Net inflows are no longer the norm and occasionally turn negative. How do Bloomberg analysts view this?)
After experiencing several weeks of continuous large net inflows, the Bitcoin spot ETF frenzy seems to have subsided. According to HODL Capital data, there have been significant outflows of funds from Bitcoin spot ETFs in the 16th week, totaling 5,176 bitcoins. This marks the third consecutive week of net outflows.
Three consecutive weeks of net outflows | HODL Capital
Analyst: 1,310 BTC will be withdrawn after Monday’s opening
In addition, according to on-chain analyst Yu Yin’s data, on April 26th, a total of 83.61 million US dollars was withdrawn from eleven US Bitcoin spot ETFs. This figure also indicates that after the opening of the US stock market next Monday (April 29th), these ETFs’ custody addresses will have a net outflow of approximately 1,310 bitcoins.
Among them, the ETF with the most outflows is Grayscale’s GBTC, which together with two other ETFs, has a total outflow of approximately 1,395 bitcoins, corresponding to a fund outflow of 89.04 million US dollars. Overall, the total amount of bitcoins held by these eleven BTC spot ETFs is 833,562, with a market value of approximately 5.321 billion US dollars.
US Bitcoin spot ETF situation on Monday | Source: Yu Yin
10XResearch: BTC may fall to the range of 52,000 pounds
In terms of market conditions, according to 10XResearch analysis, Bitcoin currently faces certain downside risks and may further decline to the expected range of 52,000 to 55,000 US dollars. This risk assessment comes from multiple market structural data, including the decrease in Bitcoin miners’ revenue, which to some extent reflects problems with Bitcoin’s fair value.
After reaching a new all-time high on March 15th, Bitcoin has experienced two significant price declines, which are usually seen as exhaustion signals of upward momentum in the market.
10XResearch analysts believe that Bitcoin has already fallen to a short-term high point in a downward trend and is entering a potential downward channel towards $52,000. The next 24 hours will be a crucial moment to determine whether Bitcoin will further decline.
Related Reports
Hong Kong Securities and Futures Commission is rumored to approve Bitcoin spot ETF for listing by the end of April, with the first list to be announced next week.
Bitcoin spot ETF has grasped “over 4% circulation of BTC,” and a centralized crisis is imminent?
Michael Saylor: Bitcoin spot ETF is competing with the S&P 500 and will soon surpass gold.