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Cryptocurrency markets are heavily down on the last day of April, with Bitcoin ETF net outflows continuing to reverse the positive momentum.
What Happened: Bitcoin BTC/USD , Ethereum ETH/USD and Dogecoin DOGE/USD are about to close the month with losses of 16%, 19% and 40%, respectively.
A prominent finance and crypto newsletter, WhaleWire, noted that contrary to bullish expectations, the new Hong Kong Bitcoin ETFs may turn out to be a complete failure.
The account attributes the price dip to the lackluster start of these ETFs, writing "The six ETFs got on average $1.8 million each, that is the worst-performing ETF launch in history."
Prices as of 4 p.m. Eastern Time:CryptocurrencyGains +/-PriceBitcoin BTC/USD -5.0%$59,636.5Ethereum ETH/USD -7.5%$2,945.2Dogecoin DOGE/USD -7.0%$0.1305
At the time of writing at 4:00 p.m. Eastern Time, $380 million worth of positions had been liquidated in the last 24 hours, with $319 million in long liquidations per Coinglass data. In the past 24 hours, 108,929 traders were liquidated.
IntoTheBlock data shows that Bitcoin exchange net flows dropped by 16.1% to $49.7 million, while large transaction volumes and daily active addresses increased by 36% and 20% respectively.
Top LosersCryptocurrencyGains +/-PriceSei SEI/USD -13%$0.5412Pendle PENDLE/USD -12%$4.2Wormhole (CRYPTO: W)-11.2%$0.584
Also Read: Bitcoin ETFs Are Some Of The Best Launches In History, Says Analyst, But Ethereum ETF Unlikely Before 2025
Analyst Notes: Crypto trader Rekt Capital, in his latest tweet, notes that Bitcoin is only 4% and 14 days away from equaling both the deepest and longest retrace in this cycle, with the current pullback being 19% deep and 49 days long.Loading… Loading…
Crypto technical analyst Ali Martinez points out that Bitcoin is currently testing the 100-day EMA while the RSI dipped to 36. It is the same as it was in late January, sparking a major price rebound.
However, he cautions investors, "A sustained close below the 100-day EMA might signal a drop toward the 200-day EMA."
Heavily followed crypto trader MMCrypto tweets that the full-on beast mode wave is yet to come.
What's Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzinga's upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC MeetingWill History Repeat On Wednesday?
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