Bitcoin (BTC) experienced a drop in price to its lowest level in two weeks on April 30 due to disappointing spot price exchange-traded funds (ETFs). The BTC/USD pair lost support at $61,000 during the Asia trading session, resulting in liquidations totaling $275 million across the crypto market. The launch of Bitcoin ETFs in Hong Kong also fell below expectations, with the new products managing $12.4 million in trading volume. However, Bloomberg Intelligence analyst Eric Balchunas remained positive about the performance, noting that when adjusted for the size of the market, the figures were impressive. Concerns over Bitcoin futures shorting and the potential support levels at $60,000 and below were also highlighted by market participants. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Attention shifts to Bitcoin's sub-$60K territory following nearly $300M worth of daily crypto liquidations.