Dropping over 10% from record highs! ETF demand shrinks,

Indra55

CoinWorld reported:
As enthusiasm for Bitcoin spot ETFs wanes in the market, the price of Bitcoin has dropped more than 10% from its historical high. In response, JPMorgan issued a warning, suggesting that this downward trend may continue.

Existing 10 Bitcoin spot ETFs saw a net outflow of funds totaling $742 million from Monday to Wednesday, marking the largest three-day outflow since the launch of Bitcoin spot ETFs on January 11.

Meanwhile, as the world's largest cryptocurrency, Bitcoin dropped nearly 4% overnight, marking its worst weekly performance of the year. As of writing, the Bitcoin trading price fluctuates around $65,400, down more than 10% from its historical high of $73,798 on March 14.

JPMorgan stated that despite the recent pullback, the Bitcoin market still shows signs of overheating. They reiterated their February forecast, suggesting that there is further room for Bitcoin to fall before the April Bitcoin halving event (when Bitcoin mining rewards are halved every four years).

JPMorgan's strategists, led by Nikolaos Panigirtzoglou, pointed out in Thursday's report that the continued decline in open interest in CME Bitcoin futures and ETF fund flows is a significant signal of Bitcoin's price decline.

The recent slowdown in the inflow of funds into spot Bitcoin ETFs and even the significant outflows over the past week indicate that the previously anticipated continued one-way inflow status may not persist. With the halving event approaching, the likelihood of investors taking profits increases, especially when the market positioning remains overheated.

Last month, JPMorgan predicted that with the waning enthusiasm caused by the Bitcoin halving event, the price of Bitcoin would plummet to $42,000 after April.

Naeem Aslam, Chief Investment Officer of Zaye Capital Markets, also suggested that retail enthusiasm may be waning.

The lack of continued strong upward momentum from its historical highs has left many investors skeptical of the strength of this rally. With the halving event looming, if this event fails to further drive market momentum, we may see Bitcoin facing a severe pullback, with prices potentially falling below $50,000.

Jafar224

Will it drop to $50,000? I think it's best not to go beyond June.

Isha000

This week has also been mainly characterized by fluctuations.

Jatin255

Bitcoin should also experience a decline.

Kapil334

Things created by that person, where would there be real demand?