Synopsis
BlackRock’s IBIT saw significant trading volume, while the market anticipated the expiry of multi-billion dollar Bitcoin and Ethereum options. Strong institutional interest and positive trading activity influenced the crypto market’s momentum, underscoring ongoing market dynamics and investor sentiment.
Bitcoin traded with weakness on Thursday amid selling pressure though it managed to hold on above the $60,000 mark. World’s most expensive crypto asset was in a consolidation mode as inflows in BTC ETF’s salvaged some pride. It was trading at $60,659.83 around 12 pm India time, down by 1.5%.
Other major crypto coins also traded with a negative bias. Among them were Etehreum, BNB, Solana, XRP and Dogecoin, Cardano and Shiba Inu which were down by up to 4% around this time.
Altcoins Tron, Avalanche and Toncoin were trading in the green and gained up to 1.2%.
Crypto Tracker
TOP COIN SETSWeb3 Tracker9.28% BuyNFT & Metaverse Tracker6.86% BuyBTC 50 :: ETH 505.83% BuyCrypto Blue Chip – 55.81% BuyAI Tracker1.30% BuyTOP COINS (₹) Bitcoin5,303,812 (3.25%)BuySolana12,368 (3.14%)BuyEthereum290,978 (2.43%)BuyBNB48,518 (0.98%)BuyTether83 (0.16%)Buy 
ETMarkets.com
Source: CoinMarketCap
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »
Selling pressure in BTC has decreased amid heightened trading activity with majority of orders on exchanges being floated by buyers according to Taker Buy-Sell Ratio which is now above 1, Vikram Subburaj, CEO, Giottus Crypto Platform, said, adding that crypto’s Fear & Greed Index has rebounded to 40 after hitting a yearly low of 30 on Tuesday.
BTC surged to $62,322 supported by inflows of $31 million in US spot bitcoin ETFs, which offset recent outflows, Sathvik Vishwanath, Co-Founder & CEO, Unocoin said.
The crypto market witnessed another session of volatility as BTC slipped below the $61,000 level due to heavy liquidations on defi platforms, Shivam Thakral, CEO of BuyUcoin observed. Citing data from Coinglass, Thakral said that Bitcoin spot ETFs saw an inflow of $31 million on Tuesday, ending a seven-day streak of outflows. “This shows that institutional buying is on the higher side. The bullish sentiment is expected to continue on Friday as bitcoin (BTC) options worth $6.68 billion and ether (ETH) options worth $3.5 billion are set to expire on the Deribit, a crypto derivatives exchange,” he opined.
On the performance of other cryptos, Vishwanath of Unocoin highlighted BlackRock’s IBIT exceeding $1 billion in trading volume, signaling strong institutional interest.
On the outlook of BTC, he said that despite the positive trading, the ebbs and flows of the GBTC market were putting pressure on BTC. He sees resistance at $63,440 while support at $60,620. Technical indicators such as RSI at 45 and 50-day EMA at $61,960 suggest a cautious outlook below $62,510, he opined.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
