One trader told CoinDesk that its too early to tell if slowing GBTC outflows will be a positive sign for bitcoin's price"Bitcoin exhibited strength against a hawkish CPI report and strong inflation data seeing only a retracement back down to $67,000 following the fed minutes announcement," Semir Gabeljic, director of Capital Formation at Pythagoras Investments, said in an email note.
Meanwhile, Jun-Young Heo, a derivative trader at Singapore-based Presto, pointed out that the market recovered quickly after the higher-than-expected CPI announcement compared to gold or the S&P 500 index. The implied volatility of options expiring on April 26th is still trading at a premium while recent historical volatility is still trending down, Heo noted.On-chain data shows that outflow from GBTC is at $18 million, which is the lowest since the launch of the U.S. bitcoin ETFs.
"But we need to see a few more dates to find out whether GBTC outflows are becoming negligible amount since it has a higher fee than any other ETFs," Heo added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »