Entering April, there are less than 20 days left before Bitcoin's fourth "halving" is expected to occur. Amid the generally optimistic sentiment in the market, the market has generally fallen.
Bitcoin led the market in general decline, with 140 million long positions liquidated in one hour
Today, Bitcoin fell from US$69,000 to below US$67,000 in 20 minutes, and is now quoted at US$66,673, a 24-hour drop of 5.64%. Ethereum fell below $3,400 and is now quoted at $3,362, a 24-hour drop of 6.91%. BNB, SOL, and AVAX fell by 7.0%, 9.1%, and 10.8% respectively.
According to Coinglass data, the entire network liquidated $162 million in the past hour, of which $146 million was liquidated for long orders. In the past 24 hours, of the total liquidation of US$473 million across the entire network, long positions were liquidated at US$402 million.
ETF net outflow is the main reason
The community believes that the current decline in Bitcoin is mainly affected by the large net outflow of ETFs.
BlcokBeats reported that on April 2, according to HODL15Capital data, the overall net outflow of Bitcoin spot ETFs yesterday was US$88 million, of which IBIT had a net inflow of US$164 million and Grayscale GBTC had a net outflow of US$303 million. According to data from Farside Investors, ARKB also experienced net outflows for the first time, with an outflow of US$300,000.
In addition, according to FactSet data, Grayscale Bitcoin Trust, iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund all fell by about 3% yesterday. This may also be one of the reasons for the market's decline.
Market sentiment remains high and could rise to $84,000 in April
Although the market fell generally, the 24-hour decline mostly remained between 5% and 10%, and the overall bullish market sentiment was not affected. According to Alternative data, today’s cryptocurrency panic and greed index is 79, while last week’s index was 81. The market is still in an extremely greedy mood and has not shown any cooling down.
Regarding the crypto market after April, the community generally believes that there will be an upward trend.
The halving is already a definite benefit. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, said that the price of Bitcoin could rise by another 150% during the current bull cycle, based on spot Bitcoin ETFs and the upcoming halving bringing new supply reductions, etc. Combining factors, it is expected that the top of this cycle may reach a potential high of $180,000.
Matrixport analyst Markus Thielen also issued an article on March 29 expressing optimism about the market in April. He believes that Bitcoin has risen sharply for seven consecutive months and may continue to rise by 12% along with the price of US$70,000 in April. $84,000.
Zhu Su, co-founder of Three Arrows Capital, also recently said on social media, “I really don’t understand the reason for being bearish here. The structure of April is extremely bullish, the Bitcoin halving is coming, the Ethereum ETF is about to be launched, and ordinary People are waking up from a long slumber, there are no NFTs at Art Basel this year, and we are still in the early stages.”
