Bitcoin has surged back to the $70K mark, marking a significant rebound, even amidst a negative US Consumer Price Index (CPI) report indicating a 3.5% inflation rise in March.
This unexpected inflation increase initially led to a drop in equities markets, but the crypto markets displayed resilience, recovering well after Bitcoin briefly dipped to $67.5K just before the CPI results were announced.
🇺🇸💸 The US #ConsumerPriceIndex report has come out, revealing that there was a 3.5% #inflation rise in March. This higher than expected result has dropped #equities markets, but #crypto markets have recovered quite fine after #Bitcoin initially dropped to $67.5K right before the… pic.twitter.com/ht9d5AeSvv
— Santiment (@santimentfeed) April 10, 2024
The reaction from traders has been notable, with a heightened awareness of the potential impact of the CPI report on prices.
There has been a substantial increase in discussions surrounding the report, indicating a keen interest and understanding among market participants.
Despite the sector’s initial decline, traders have shown determination, with “buy the dip” calls gaining traction while sell calls have remained relatively stagnant.
Bitcoin ETF Net Inflow Turns Positive
According to Spotonchain data, Bitcoin ETF net inflow on April 10, 2024, surged to +$124M, marking a significant increase compared to the previous trading day.
Notably, the single-day outflow for Grayscale Bitcoin Trust (GBTC) dropped to only $17.5M, the lowest level in the past 32 trading days.
Additionally, all 10 Bitcoin ETFs experienced single-day inflows/outflows of less than $80M, indicating a generally positive sentiment among investors.
🚨 $BTC #ETF Net Inflow Apr 10, 2024: +124M!
• The net inflow strongly increased by 7.5 times (now positive) compared to the previous trading day.
• The single-day outflow for #Grayscale Bitcoin Trust $GBTC dropped further to only $17.5M, the lowest level in the past 32… https://t.co/E5hyeO19bX pic.twitter.com/ZOC7xOybQO
— Spot On Chain (@spotonchain) April 11, 2024
Further insights from Glassnode data reveal a surge in spot trade volume in Bitcoin markets since the US Spot ETFs went live in early January 2024.
This surge culminated in a peak of approximately $14.1 billion in daily volumes when the market reached its all-time high (ATH) of $73K in mid-March.
While spot trade volume has started to cool down in recent weeks, currently standing at $7 billion per day, it still remains significant, reminiscent of the levels observed during the 2020-2021 bull 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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