The recent massive Ethereum outflow from Coinbase, totaling over 336K, raises questions about its implications. While the reason behind it remains uncertain, parallels with Bitcoin Spot ETF trading precede similar activity. Valued at null.17 billion, this withdrawal may signal whale or institutional anticipation of Ethereum price surge post-Spot ETFs. The impact and validity of this assumption will unfold in the following days. Nonetheless, such moves, reducing circulating supply, typically bode well for medium to long-term price trends.
The current BTC price is the average purchase price of the Spot Bitcoin ETF buyers, ~$ 57K to ~$ 58K
The Federal Reserve has not cut interest rates. Rates remain at 5.25% - 5.50%.
Bitcoin seems poised to end April with losses, possibly signaling the conclusion of its historic streak of seven consecutive months closing in the green. We await the closing on April 30th for confirmation.
The NUPL indicator suggests that most long-term BTC holders remain steadfast, indicating that widespread market euphoria is not imminent. According to Glassnode data, the current trend is in the early stages of active growth.
Bitcoin's volatility has steadily decreased since January 2020, showing fewer extreme peaks. Currently, it sits just below 60%. As Bitcoin solidifies its status as a valuable asset, expect its volatility to further diminish over time.
The current Bitcoin market enters the Euphoria phase; previous cycles had sharper pullbacks, current only mild corrections.
This suggests that we might witness even deeper corrections.
HODL and Do DCA
Hong Kong may approve Spot ETF that invest directly in Bitcoin and Ethereum as early as Monday (April 15), according to Bloomberg. Unlike in the United States, Hong Kong’s cryptocurrency ETFs can support physical redemptions.
In the past three months, the amount of Bitcoin that hasn't been touched for a year dropped from 70% to 65.8%. This likely means some people are selling their Bitcoin to make a profit as the market goes up.
#Bitcoin volatility has been increasing as the cycle goes on.
Yet, we're still nowhere close to the levels seen in in previous cycles. The massive increase is on the way, be ready!
