Key Points
- Bitcoin (BTC) rebounds to $69,000 following a buy-in from whales after the release of U.S. Consumer Price Index data.
- U.S. spot Bitcoin exchange-traded funds (ETFs) continue to show modest inflows, despite an aggregate outflow due to the impact of The Grayscale Bitcoin Trust (GBTC).
After a dip to $67,482, Bitcoin (BTC) reemerged to $69,000 on April 10 when whales took advantage of the dip following the release of new U.S. macro data.
Whales Vote with Their Wallets
The BTC price recovery was evident after the release of the U.S. Consumer Price Index (CPI) print for March, which was slightly above expectations at 3.5% year-on-year. Prior to this, it was speculated that whales were deliberately driving down the price to buy the CPI event.
This speculation turned out to be accurate, with Material Indicators noting increased buying on the largest global exchange, Binance. The BTC/USD circled its daily opening level at around $69,100 at the time of writing.
Bitcoin ETFs Maintain Inflows
The U.S. spot Bitcoin exchange-traded funds (ETFs) continued their slow, steady inflow. The two largest products by assets under management from BlackRock and Fidelity Investments both saw modest inflows on April 9. Despite an aggregate outflow due to the impact of The Grayscale Bitcoin Trust (GBTC), they maintained their unbroken green streak.
The GBTC meanwhile saw outflows of around 2,600 BTC ($180 million) on April 10. As previously reported, Hong Kong is currently planning to allow spot Bitcoin ETFs, fast-tracking their approval process.
