Bullish Hope Continues For Bitcoin Amidst $936 Million Liquidation, Says Popular Crypto Trader

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Bitcoin’s price took a sudden dive, dropping from $70,820 to $65,000 in just a few hours, marking a 5.8% decrease. This unexpected fall caused a lot of chaos in the cryptocurrency market, leading to a massive $936.31 million loss within a day.

During this turbulent time, Bitcoin spot ETFs became a focal point, experiencing significant withdrawals totaling $55.07 million. Among them, the Grayscale ETF GBTC stood out with a concerning single-day net outflow of $166 million, further adding to the day’s volatility.

Single-Day Net Outflow 

According to data analysis by SoSoValue, Bitcoin spot ETFs collectively experienced a total net outflow of $55.07 million. This movement reflects a significant revaluation of investment strategies within the cryptocurrency market.

Grayscale’s Bitcoin Trust (GBTC) led the decline, with a staggering single-day net outflow of $166 million. GBTC, a widely recognized investment vehicle for institutions and accredited investors seeking exposure to Bitcoin witnessed a pronounced shift in investor sentiment.

According to SoSoValue, on April 12, Bitcoin spot ETFs had a total net outflow of $55.07 million. Grayscale ETF GBTC saw a single-day net outflow of $166 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a single-day net… pic.twitter.com/aYfJLzrxp3

— Wu Blockchain (@WuBlockchain) April 13, 2024

BlackRock’s ETF Inflow Surge

In contrast to the overall outflow trend, BlackRock’s ETF (IBIT) emerged as a notable outlier, reporting a single-day net inflow of approximately $111 million. This unexpected influx of funds into IBIT amidst the market exodus suggests a divergence in investor strategies.

Massive Liquidation

As per the coinglass data, the recent drop caused a big loss for traders using borrowed money to invest in cryptocurrencies. Around $936.35 million was lost in this way, with most of it $823.97 million coming from traders who were betting on prices going up. 

Meanwhile, in the last 24 hours, traders who predicted that the price of Bitcoin would drop experienced a liquidation of $112.23 million. 

Bitcoin Bullish Hope Continues…

Recently a popular trader popular trader Jelle highlighted a significant event set to occur on Bitcoin’s Pi Cycle Top indicator. The Pi Cycle Top is a well-known tool used to observe Bitcoin’s bull markets. It consists of two moving averages and has a history of accurately signaling major price tops for Bitcoin.

Once #Bitcoin breaks the Pi Cycle moving average — all bets are off.

It's currently consolidating right below it — just like it did in 2020. pic.twitter.com/FAfkKwvwr3

— Jelle (@CryptoJelleNL) April 12, 2024

Jelle points out that the current price of Bitcoin is consolidating below the indicator’s longer-term trendline, specifically the 2X multiple of the 350-day moving average. 

Currently, this moving average sits at $76,000, as reported by on-chain analytics firm Glassnode. This suggests that if Bitcoin’s price rises above this level, it could indicate a notable change in the cryptocurrency’s trajectory. 

As of now, Bitcoin is trading at $67,515, reflecting a slight drop in price, along with a decrease in market capitalization to $48.223 billion.