Cryptocurrency traders are feeling the heat as Bitcoin’s price plunges to $63.4K, sparking fear among investors.
With dwindling buy calls on social media and an uptick in sell signals, market sentiment is wavering. The influx of fear, uncertainty, and doubt (FUD) signals a potential opportunity for market recovery.
#Bitcoin's price dropping as low as $63.4K has #crypto traders spooked, as #buy calls across social media are low and #sell calls are peeking in at an increased rate. When this level of #FUD begins to sneak in, market recovery probabilities increase. pic.twitter.com/83sGUbESnr
— Santiment (@santimentfeed) April 26, 2024
In the latest twist, a significant whale deposit of 1,200 BTC, valued at $77.67 million, was made into Kraken within the last 24 hours, adding to the intrigue. This comes amid reports of substantial whale accumulation, with one investor amassing 24,755 BTC, worth a staggering $1.68 billion, between March 1 and April 15, at an average price of $68,051.
A whale deposited 1,200 $BTC($77.67M) into #Kraken 43 minutes ago.
The whale accumulated 24,755 $BTC($1.68B) at an average price of $68,051 from Mar 1 to Apr 15.
Address:
bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh pic.twitter.com/fQP33Se1t8
— Lookonchain (@lookonchain) April 26, 2024
Despite whale activity, Bitcoin’s price has taken a hit, declining over 2% today to reach $62.9K. The negative trend is further underscored by data from Spotonchain, revealing a -$84 million net inflow for Bitcoin ETFs on April 26, marking the third consecutive day of outflows.Â
Bitcoin ETF Net Outflows Recorded
Notably, six out of ten Bitcoin ETFs recorded no activity, with BlackRock iShares Bitcoin Trust ($IBIT) experiencing three consecutive days of zero flow. Conversely, Grayscale Bitcoin Trust ($GBTC) saw a notable decrease in single-day outflows, dropping from $139 million to $82.4 million.
$BTC #ETF Net Inflow Apr 26, 2024: -$84M!
• The net inflow has been negative for 3 consecutive trading days.
• 6 out of 10 #Bitcoin #ETFs had zero flows, especially with #BlackRock iShares Bitcoin Trust $IBIT having had zero flow for 3 days in a row.
• #Grayscale Bitcoin… pic.twitter.com/gt0Qs5kUWV
— Spot On Chain (@spotonchain) April 27, 2024
Furthermore, a notable decrease in Bitcoin whale activity has been observed since March 14, raising speculation about its impact on market dynamics. Many traders are hopeful that a resurgence in whale transactions could act as a catalyst to drive Bitcoin prices higher.
Since March 14, there's been a noticeable dip in #Bitcoin whale activity. A surge in whale transactions could be the spark needed to boost $BTC prices! pic.twitter.com/hd6fwpp9Gp
— Ali (@ali_charts) April 27, 2024
In this uncertain landscape, traders are advised to exercise caution and closely monitor market developments. While short-term fluctuations may induce apprehension, opportunities for recovery may emerge as market dynamics evolve. Amidst the turbulence, maintaining a long-term perspective and adapting strategies accordingly remains crucial for navigating the volatile cryptocurrency market.
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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