According to the data obtained, Bitcoin (BTC) has displayed a horizontal movement over the last ten days, trading within the range of $61,000 to $65,000. Even the long-awaited latest halving could not provide a stable upward momentum to its trajectory. Here are the detailed data on the leading cryptocurrency!
Expert Opinion on Bitcoin
Julio Moreno, Head of Research at on-chain analysis firm CryptoQuant, partly attributes this to the decrease in entries into US spot ETFs. According to SoSo Value data, there was actually a net outflow of $217 million as of April 25, and funds have decreased by about $147 million since the beginning of the week. Last week, we witnessed the liquidation of over $200 million in Bitcoin.
However, since their launch at the beginning of January, these investment tools were seen as one of the most significant drivers of Bitcoin’s price movement. The current supply can meet the demand for a longer period. The decline in demand is clearly seen in the sharp drop in cumulative addresses since the end of March. Accumulation addresses are those that have a history of only buying BTC but no selling history.
Current Status of BTC ETFs
As a result, the liquidity stock ratio, which measures the liquidity on the selling side against the token’s demand, has shown a sharp increase over the 24 months from the end of March to the date the article was written. This means that the current BTC supply could last longer, considering the decreasing demand. Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin, predicts that the upcoming listing of spot ETFs in Hong Kong could help rejuvenate demand for the leading cryptocurrency. The expert highlighted the following:
After the launch of the Hong Kong ETF, we can expect a price momentum for Bitcoin similar to January, which could push the largest cryptocurrency to a new ATH in the coming months.
