Bitcoin steadies near $71K, retail investors accumulate over 4.3 million Bitcoin in one week
Synopsis
Bitcoin hovered near $71,000 after failing to break $73,000, with momentum waning. Major altcoins experienced declines, though some like Tron and Hyperliquid saw minor gains. On-chain data suggests retail investors are accumulating Bitcoin, potentially strengthening the bull market structure, while macro indicators and institutional flows show mixed signals.
Bitcoin traded near the $71,000 mark on Thursday after facing resistance at $73,000, with momentum easing as buyers showed limited follow-through. The cryptocurrency traded at $70,756, declining nearly 1% in the past 24 hours.
Ethereum slipped 3.07% in the past 24 hours to trade at $2,177 mark. Among the major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano fell upto 5% whereas Tron and Hyperliquid gained upto 1% each.
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The on-chain data shows that retail investors have come back into the market, accumulating over 4.37 million Bitcoin in the past weeks which is strengthening the long-term structure of a bull market, suggesting a potential reversal, said Akshat Siddhant, Lead quant analyst, Mudrex.
Crypto TrackerTOP COINS (₹) Tether93 (0.29%)Bitcoin6,589,645 (-0.55%)Ethereum202,663 (-2.06%)BNB55,689 (-2.29%)XRP124 (-3.17%)
For now, macro indicators such as the US GDP numbers and the jobless claims could be influencing the market movement, Siddhant further said.
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The global crypto market capitalisation edged down 1% to $2.41 trillion, according to .
CoinDCX Research Team said Bitcoin remained above $71,000, while Ethereum’s price fell below $2,200, as bears restricted the rally to resistance.
Riya Sehgal, Research Analyst, Delta Exchange said broader indicators like derivatives data and ETF flows suggest that strong buying demand is still not fully back and from a price action perspective, the market is still holding up well in the short term.
Sehgal further said that while the bigger trend still leans positive, the market remains sensitive to macro developments like inflation, oil prices, and geopolitical tensions.
In the past week, Bitcoin and Ethereum fell 6.7% and 6.5% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano gained up to 10%.
WazirX Market Desk said on the stablecoin front, USDC saw notable minting activity on April 8, with reports of approximately 200 million new tokens issued in short windows, primarily to support liquidity on Solana and other networks.
Market perspective
Market analysis by Vikram Subburaj, CEO, Giottus
On-chain data does not confirm a full expansion phase. Roughly 60-61% of circulating supply remains in profit, which indicates recovery but not euphoria. Institutional flows reflect the same hesitation. Spot Bitcoin ETFs saw large inflows of about $471 million on April 6, but this was followed by outflows of roughly $159 million on April 7 and $165 million on April 8.
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CoinSwitch Markets Desk
BTC’s move above $72K is largely driven by improving global sentiment following easing geopolitical tensions after the temporary US – Iran ceasefire. While the market is showing signs of stabilizing, a stronger and more consistent move above $72K would be needed to signal clearer direction. Until then, price action is likely to remain range-bound and sensitive to macro developments.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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