Bitcoin and Ether Prices Dip, CoinDesk 20 Down 4%
Bitcoin (BTC) and Ether (ETH) experienced a slight dip in the early hours of the Asia business day, with Bitcoin trading below $62,500 and Ether trading above $3000. The CoinDesk 20, a measure of the world’s largest digital assets, also saw a 4% decrease, trading at 2,139.
CoinDesk’s Indices Bitcoin Trend Indicator (BTI) has shifted to neutral from bullish, indicating a weakening of upside momentum. The BTI, which communicates the direction and strength of bitcoin’s price trends, has been in an uptrend since October 2023 when reports surfaced about major fund managers discussing the launch of spot bitcoin exchange-traded funds (ETF).
Ether’s trend indicator has also hit neutral, reflecting the overall market sentiment. Market data shows that on April 15, there were no outflows from bitcoin ETFs except for GBTC, which saw a negative flow of $82.5 million last week.
Despite the downturn, trading volumes remained strong, with BTC Spot ETFs recording a weekly trading volume of approximately $16.2 billion. Matteo Greco, Research Analyst at Fineqia, noted that the cumulative trading volume since inception stands at around $212 billion, with an average daily trading volume of approximately $3.3 billion.
The report also highlighted that despite record performance in equity and crypto markets, the secondary watch market continued to contract in the first quarter. High inventory levels were cited as a reason for the decline in market prices, indicating that a recovery may not be imminent.
Overall, the cryptocurrency market is experiencing some fluctuations, with indicators pointing towards a potential shift in momentum. Investors will be closely monitoring these trends to make informed decisions in the volatile market.
