Bitcoin (
BTC
) experienced a rebound on April 10, reaching $69,000 as whales took advantage of the opportunity to “buy the dip” following the release of fresh United States macro data. The BTC price recovery began after reaching lows of $67,482 on Bitstamp. These lows coincided with the release of the U.S. Consumer Price Index (CPI) for March, which slightly exceeded expectations at 3.5% year-on-year.
Prior to this, market observers had speculated that whales were deliberately driving down the price in order to take advantage of the CPI event. This speculation turned out to be true, as increased buying activity was observed on Binance, the largest global exchange, according to trading resource Material Indicators.
BTC/USD has since returned to its daily opening level of around $69,100 at the time of writing, with the daily candle turning green again. Traders and analysts have taken note of the dip below $68,000, which closed a new “gap” in the CME Bitcoin futures markets that emerged over the weekend due to out-of-hours volatility.
In other news, U.S. spot Bitcoin exchange-traded funds (ETFs) have continued to see steady inflows. The two largest ETFs, managed by BlackRock and Fidelity Investments, received modest inflows on April 9, maintaining their unbroken streak of positive net flows. However, April 9 as a whole saw aggregate outflows of $18.6 million due to the impact of the Grayscale Bitcoin Trust (GBTC), which experienced outflows of around 2,600 BTC ($180 million) on April 10.
Hong Kong is also planning to allow spot Bitcoin ETFs, expediting the approval process. It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment of risks before making any investment or trading decisions.