Flash crash of 5%, why did Bitcoin fall again?

In April, there are less than 20 days left before Bitcoin’s fourth “halving” is expected to occur. Amid the generally optimistic sentiment in the market, the market has generally fallen.

Bitcoin led the market down, with 140 million long positions liquidated in 1 hour

Today , Bitcoin fell from US$69,000 to below US$67,000 in 20 minutes, and is now quoted at US$66,673, a 24-hour drop of 5.64%. Ethereum fell below $3,400 and is now quoted at $3,362, down 6.91% in 24 hours. BNB, SOL, and AVAX fell by 7.0%, 9.1%, and 10.8% respectively.

According to Coinglass data, In the past hour, the total liquidation of the entire network reached 162 million US dollars, of which 146 million US dollars were liquidated for long orders. Of the $473 million in liquidated positions across the network in the past 24 hours, $402 million was liquidated in long positions.

ETF net outflows were the largest The main reason

The community believes that the current decline of Bitcoin is mainly affected by the large net outflow of ETF.

BlcokBeatsReport On April 2, according to HODL15Capital data, the overall net outflow of Bitcoin spot ETFs yesterday was US$88 million, of which IBIT had a net inflow of US$164 million and Grayscale GBTC had a net outflow of US$303 million. According to data from Farside Investors, ARKB also experienced net outflows for the first time, with an outflow of US$300,000.

In addition, according to FactSet data It shows that Grayscale Bitcoin Trust, iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund all fell by about 3% yesterday. This may also be one of the reasons for the market's decline.

Market sentiment is still high, and April may Rising to US$84,000

Despite the general decline in the market, most of the 24-hour declines remained between 5% and 10%, and the overall bullish market sentiment was not received. Influence. According to Alternative data, today’s cryptocurrency panic and greed index is 79, and last week’s index was 81. The market is still in an extremely greedy mood and has not shown any cooling changes.

For those after April In the crypto market, the community generally believes that there will be a rising market.

The halving is a definite benefit. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, said that the price of Bitcoin could rise by another 150% during the current bull cycle, based on spot Bitcoin ETFs and the upcoming halving bringing new supply reductions, etc. Combining factors, it is expected that the top of this cycle may reach a potential high of $180,000.

Matrixport analyst Markus Thielen also issued an article on March 29 to express his optimism about the market in April. He believes that Bitcoin has been rising sharply for seven consecutive months. On the upside, April is likely to continue with a 12% rise along the $70,000 mark to $84,000.

Co-founded by Three Arrows Capital Zhu Su also recently said on social media, "I really don't understand the reason for being bearish here. April is structurally extremely bullish. The Bitcoin halving is coming, the Ethereum ETF is about to be launched, and ordinary people are recovering from their long-term slumber. Wake up, there are no NFTs at Art Basel this year, we are still in the early stages."

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