Bitcoin price action, corr risks amid low reserves/ETF inflows
Key Questions
What were the recent Bitcoin ETF inflows?
Bitcoin ETFs saw $471 million in inflows on April 6, the highest since late February, with total ETP assets over $87 billion. Earlier, there were $174 million on April 1 and $290 million from March 24-27 outflows.
How has Bitcoin's price moved recently?
Bitcoin broke above $70,000 after a $66,000 trap, peaked, then retreated to $68,000 amid geopolitics and ceasefire news. Traders eye $100,000 by June 30 or $110,000 hype, with RSI mirroring 2022 bear end.
What is the current market sentiment for Bitcoin?
Bearish sentiment hit a 5-week high per Santiment, with Fear at 11 and funding rates below 0.005%, indicating comprehensive bearishness on CEX/DEX. Whales liquidated at $67,000, with $415 million total liquidations.
What is the status of Bitcoin reserves on exchanges?
CEX Bitcoin balances continue declining, down about 100,000 BTC over the year to 867,000 BTC currently. This benefits Bitcoin as holders withdraw supply from platforms.
How dominant is MicroStrategy in corporate Bitcoin buying?
Corporates net added 73,000 BTC, with MicroStrategy dominating 76%. However, its buys aren't significantly moving prices anymore, accounting for only 7% of gross inflows relative to ETF demand.
What impact did Bitcoin's price retreat have on related stocks?
Bitcoin's retreat from $70,000 dragged MSTR, BMNR, ASST, and COIN stocks lower after Monday's rally. MSTR surged 6.56% amid optimism but faced post-rally drag.
What new developments are there in Wall Street Bitcoin services?
Morgan Stanley launched a 0.14% spot Bitcoin ETF for 16,000 advisors, undercutting IBIT and boosting institutional demand. More firms are ramping up crypto services as BTC topped $70,000.
What pressures are on Bitcoin supply?
Miners outflow $880 million amid $1 billion ETF inflows, $29 billion realized cap, and $28.5 billion LTH shifts. IBIT holds $54 billion, crushing gold ETFs, in a tug-of-war with low reserves.
BTC $70k+ break/peak post-$66k trap then $68k retreat/geopol ceasefire/Santiment bearish high/Fear11/funding<0.005%/unreal $93.6k; $415M liqs/whales liqs@67k +$5.5M/corps net+73k MSTR 76% dom/$87B+ ETP +$471M Apr6 highest since Feb reconf/$174M Apr1 +$290M Mar24-27 out/IBIT $54B crushes gold/$1B ETF in $880M miner out $29B realized cap/$28.5B LTH shifts; Morgan Stanley MBST 0.14% spot ETF launch first major bank/16k advisors undercuts IBIT boosting insti demand; MSTR stock drag post-rally; bear funding low eyeing $100k June30/$110k hype/RSI mirror 2022 bear end; Wall St BTC services ramp/LTH/miner pressure/MSTR buys not moving needle vs outflows; bear flag battle.