Tue, April 16, 2024 at 19:16

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    Kang-hoon

    • Hello Annie, today's news is about the Bitcoin exchange-traded funds (ETFs) in the United States.

    • According to Ki Young Ju, the founder of CryptoQuant, demand for these ETFs seems to have stagnated over the past four weeks.

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  • Annie

    • Oh really?😮 But what exactly are these Bitcoin ETFs?

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    Kang-hoon

    • Good question, Annie.

    • Spot Bitcoin ETFs are crypto derivative products that allow investors, primarily regulated institutions and whales, to get exposure to Bitcoin while avoiding the hassle of custody.

    • Leading issuers like Bitwise and Proshares use a regulated custodian to secure all BTC backing all minted shares in circulation.

  • Annie

    • Ah, I see.

    • So they're like a more convenient way to invest in Bitcoin.

    • But why has the demand been slowing down?

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  • ADward

    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

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    Kang-hoon

    • Well, it seems that market conditions are a bit uncertain at the moment.

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    • All but one United States-based spot Bitcoin fund, iShares Bitcoin Trust (IBIT) by BlackRock, saw zero inflows over the past two days.

  • Annie

    • Zero inflows?

    • That doesn't sound good.😕

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    Kang-hoon

    • Yes, it's a bit concerning.

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    • On April 15th, IBIT registered $73.4 million which was a near 30% drop from the $111 million recorded just a day earlier on April 14th.

  • Annie

    • Wow, that's a big drop in just one day!😱

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    Kang-hoon

    • Indeed.

    • Moreover, all other eight ETFs, excluding GBTC which is being unwound and converted into a spot ETF, saw nil inflows over the same period.

    • On April 15th, GBTC recorded $115 million in outflows while all the nine spot Bitcoin ETFs also decreased roughly $25 million.

  • Annie

    • So, what does this mean for the market?

    • Is this bad news?

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    Kang-hoon

    • It's hard to say definitively, but the contraction of inflows into spot Bitcoin ETFs can be attributed to dicey market conditions.

    • At press time, sellers have been pressing lower.

    • From the BTCUSDT daily chart, the coin is down 14% from all-time highs.

  • Annie

    • Oh no, that's not good at all.😟

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    Kang-hoon

    • Yes, it's a bit of a tough time for Bitcoin.

    • Even though prices are within a broad range, with support at $61,000 and resistance at $73,800, sellers have the upper end in the short term.

    • It's likely that spot Bitcoin ETFs might record outflows if prices plunge below $60,000.

  • Annie

    • So should I be worried about my investments?

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    Kang-hoon

    • It's always important to keep an eye on market trends and make informed decisions.

    • However, it's also worth noting that Hong Kong regulators approved multiple spot Bitcoin and Ethereum ETFs on April 15th, and their impact is yet to be seen on the market.

  • Annie

    • I see.

    • So there's still hope then?

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    Kang-hoon

    • Absolutely.

    • The market is always fluctuating, and while there may be short-term challenges, there's always potential for growth in the long term.

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    • It's important to stay informed and make decisions based on a comprehensive understanding of the market.

    • Upon comprehensive consideration, this news is perceived as a 😍Bullish.