Key Points
- Bitcoin is trading below $63k, as BTC and ETH ETFs started trading in Hong Kong today.
- BlackRock’s Bitcoin ETF IBIT continues to remain at $0 inflows and outflows for four days in a row.
The latest data from SoSoValue notes that the total net outflow of Bitcoin ETFs yesterday was $51.5 million.
Grayscale’s ETF GBTC had a single-day net outflow of $24.6 million. Ark Invest’s product ARKB had a single-day net outflow of $31.34 million, surpassing GBTC.
The BlackRock ETF IBIT has had zero inflows and outflows for four consecutive days.
Bitcoin is trading below $63k at the moment of writing this article after earlier, it went close to $65k.
- Zoom
- Type
Today marked the beginning of Hong Kong’s trading of BTC and ETH ETFs, with an optimistic market expecting high inflows in crypto-related products.
Bitcoin’s dominance rate surges
According to the latest reports coming from Fairlead Strategies, Bitcoin’s dominance rate has risen past key level, which signals further upside.
Bitcoin’s dominance rate (the share in the crypto market) recently surged to a three-year high of 57%. It broke higher from a six-month consolidation pattern. This move means that Bitcoin could continue outshining other coins in the upcoming months.
Fairlead Strategies stated in a recent note that the dominance rate had a breakout, favoring BTC over altcoins in the intermediate term.
According to them, the breakout in the index marks a continuation of the long-term turnaround phase, which has reversed altcoin gains made back in 2021.
Bitcoin recent price predictions
Recently, veteran trader Peter Brandt said that Bitcoin could have already reached its peak this cycle at around $70k, according to the exponential decay pattern.
However, on April 29, CEO and director of research at Quantonomy, Giovanni Santostasi, rebutted the exponential decay theory with the help of one of his own based on long-term power law behavior.
A power law is a functional relationship where one quantity varies as a power of another quantity.
He believes, using the figures extrapolated from the genesis block, that we’ll see Bitcoin at $210k around December 2025.