The biggest cryptocurrency, Bitcoin (BTC), lost more ground after failing to retest the $68,000 support level on April 1. The price of BTC fell 5.38 percent, to $66,700 as of this writing. There has been a 6.3% drop in BTC since the beginning of Q2.
After the lengthy Easter holiday, institutional investors still aren't buying Bitcoin ETFs, so the price of the cryptocurrency can fall even more.
A total of $302.6 million left the Grayscale Bitcoin Trust (GBTC) on April 1, whilst $165.9 million and $44 million came into Fidelity's FBTC and BlackRock's IBIT, respectively. A net loss of $85.7 million was the consequence of this.
The most recent "Asia Morning Color" report on QCP Capital's Telegram channel issued a warning of rising downward pressure across cryptocurrency spot markets. The firm is situated in Singapore.
The crypto options market reportedly foretold the present sell-off by showing heavy demand in selling puts and calls in BTC and ETH, which pushed spot prices down.
They went on to say that huge liquidations on exchanges like Binance were to blame for the precipitous decline in Bitcoin and other cryptocurrencies. Funding rates for perpetual contracts go back to zero after reaching a high of 77%.
According to trading site Material Indicators' analysis of Binance's exchange order book liquidity, the price behavior of BTC in the days running up to the impending Bitcoin halving is likely to be quite hard.
With "smart money" putting offers as low as $62,000, the company emphasized rising bid liquidity toward $60,000.
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