Spot bitcoin ETFs listed in the United States are about to experience net negative flows for the first time since late January.
Galaxy CEO Mike Novogratz said at the Bitcoin Investor Day conference. “It will take some time” until bitcoin recovers to $73,000”
The volatility in crypto markets also continued with bitcoin, (BTC) falling below $63,000 around 1 pm from the $67,000 area at 11 am the previous day. A weak rise to $64000 has been seen, compared to $61543, 3.7% fallen.
Bitcoin price Trend (Image Credit: coindesk.com)
The crash-down turned deeper into the market and decreased by 4.4% over the time frame, and SOL price went lower than 10%. This is the fifth day when BTC went down to some 61K level from about $73K and the crypto space was in correction mode.
The wednesday’s aggressive up swing of more than 10% in response to the dovish FED brought some hope for recovery, but it has so far been contrary to what has been happening since.
Helene Braun reported that: “We think the macro environment remains amenable for more spot bitcoin ETF inflows following the Federal Reserve meeting that concluded on March 20,” the Coinbase authors wrote. “We expect the current US disinflationary trend to remain intact, financial conditions in the US to continue easing, and markets to be supported by the tapering of the Fed’s quantitative tightening program.”
