Cryptocurrency markets are heavily down on the last day of April, with Bitcoin ETF net outflows continuing to reverse the positive momentum.
What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD are about to close the month with losses of 16%, 19% and 40%, respectively.
A prominent finance and crypto newsletter, WhaleWire, noted that contrary to bullish expectations, the new Hong Kong Bitcoin ETFs may turn out to be a “complete failure.”
The account attributes the price dip to the lackluster start of these ETFs, writing "The six ETFs got on average $1.8 million each, that is the worst-performing ETF launch in history."
Prices as of 4 p.m. Eastern Time:
Cryptocurrency | Gains +/- | Price |
Bitcoin BTC/USD | -5.0% | $59,636.5 |
Ethereum ETH/USD | -7.5% | $2,945.2 |
Dogecoin DOGE/USD | -7.0% | $0.1305 |
At the time of writing at 4:00 p.m. Eastern Time, $380 million worth of positions had been liquidated in the last 24 hours, with $319 million in long liquidations per Coinglass data. In the past 24 hours, 108,929 traders were liquidated.
IntoTheBlock data shows that Bitcoin exchange net flows dropped by 16.1% to $49.7 million, while large transaction volumes and daily active addresses increased by 36% and 20% respectively.
Top Losers
Cryptocurrency | Gains +/- | Price |
Sei SEI/USD | -13% | $0.5412 |
Pendle PENDLE/USD | -12% | $4.2 |
Wormhole (CRYPTO: W) | -11.2% | $0.584 |
![Benzinga Future of Digital Assets conference](https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif)
Analyst Notes: Crypto trader Rekt Capital, in his latest tweet, notes that Bitcoin is only 4% and 14 days away from equaling both the deepest and longest retrace in this cycle, with the current pullback being 19% deep and 49 days long.
Crypto technical analyst Ali Martinez points out that Bitcoin is currently testing the 100-day EMA while the RSI dipped to 36. It is the same as it was in late January, sparking a major price rebound.
However, he cautions investors, "A sustained close below the 100-day EMA might signal a drop toward the 200-day EMA."
Heavily followed crypto trader MMCrypto tweets that the full-on beast mode wave is yet to come.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC Meeting—Will History Repeat On Wednesday?
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.