Bitcoin (BTC) experienced a rebound on April 10, reaching $69,000, as whales took advantage of fresh macro data from the United States. The price recovery began after reaching lows of $67,482 on Bitstamp. This coincided with the release of the U.S. Consumer Price Index (CPI) for March, which slightly exceeded expectations at 3.5% year-on-year. Analysts had previously speculated that whales were deliberately driving down the price to buy into the CPI event, and this theory was confirmed by increased buying activity on Binance, as observed by trading resource Material Indicators. BTC/USD is now back above $69,000 and the daily candle is green again. The dip below $68,000 also closed a new “gap” in CME Bitcoin futures markets that had emerged over the weekend due to out-of-hours volatility. Despite some outflows, the two largest U.S. spot Bitcoin exchange-traded funds (ETFs) from BlackRock and Fidelity Investments saw modest inflows on April 9, maintaining their unbroken streak of positive net flows. However, aggregate outflows of $18.6 million were recorded for April 9, largely due to the impact of the Grayscale Bitcoin Trust (GBTC), which experienced outflows of around 2,600 BTC ($180 million) on April 10. Hong Kong is currently planning to allow spot Bitcoin ETFs, expediting the approval process. This article does not provide investment advice and readers are encouraged to conduct their own research before making any investment decisions.
Bitcoin price increases by 3.6% as crypto whales take advantage of post-CPI market decline