“Bitcoin remains volatile with the 10% decline seen this week, with the latest impetus driven by outflows from GBTC Bitcoin ETFs of around 300mm in March 20.” Email interview.
“The drawdown remains in line with the expected 10-20% range as we have historically seen that happen right before the BTC halving event. More volatility is expected as the BTC price halves,” he continued.
while, CoinDesk 20 (CD20), a measure of the world's most liquid digital assets, fell 0.5%.
CoinDesk's Digitization Index (DTZ), which measures the performance of digitization protocols such as Ethereum Name Service (ENS), was the best-performing index during trading hours in Asia, up 2.7%.
In a note sent Friday morning Asian time, Singapore-based QCP Capital wrote that the market is consolidating with bitcoin and ether trading in a “relatively narrow range” and that the market “may take a breather this weekend” after last weekend. Federal Open Market Committee Volatility.
The trading house also noted that the Grayscale Bitcoin Trust (GBTC) continued to see sharp outflows, with $358.8 million leaving the fund. QCP expects the fourth straight day of net outflows for BTC exchange-traded funds.
Regarding ether (ether)QCP says the market is starting to price in the chances of a spot ether ETF being approved any time soon.
“The Grayscale ETH discount has widened from -8% to -20% over the past two weeks,” QCP noted.
Blockchain bettors at Polymarket also believe Q2 will be the same When ether will arrive All-time highs, but a large portion of traders also believe that there will be no all-time highs in 2024.
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