Market Sentiment Sours Despite ETF Approval: Bitcoin Holders Stand Firm

Trader optimism soared following the approval of spot Bitcoin and Ethereum ETFs in Hong Kong. However, the initial reaction was less than stellar, with Bitcoin experiencing a -6% drop in value.

Despite market volatility over the weekend, Bitcoin key stakeholders have shown resilience, holding onto their positions. Notable whale groups have been actively accumulating Bitcoin since March 1st, with significant sums being accumulated across various wallet sizes.

Data from Glassnode indicates a shift in Bitcoin wealth dynamics, with a notable increase in the proportion of newer holdings. This suggests a balance between long-term holders and new demand, potentially influencing market sentiment.

Bitcoin Whale Sell Off BTC Holds In Loss

In the face of declining prices, one whale made a significant sell-off, offloading 1.2K $BTC($75.55M) at a loss. However, despite this, addresses holding at least 0.1% of Bitcoin circulating supply have continued to accumulate, adding over 3000 $BTC or $198 million worth of assets today.

Spotonchain data reveals a negative net inflow of -$37 million for Bitcoin ETFs on April 15, marking the second consecutive day of outflows. Notably, only Grayscale Bitcoin Trust $GBTC and BlackRock iShares Bitcoin Trust $IBIT saw any activity, while other BitcoinETFs remained stagnant.

Amidst market uncertainty, geopolitical tensions, sparked by an attack on Israel by Iran, have further contributed to the cautious sentiment among investors. As the market awaits further developments, the situation remains tense, with traders keeping a close eye on potential geopolitical impacts on market dynamics.

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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Image Source: lmv/123RF // Image Effects by Colorcinch


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