Benzinga - Cryptocurrency markets are heavily down on the last day of April, with Bitcoin ETF net outflows continuing to reverse the positive momentum.
What Happened: Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) are about to close the month with losses of 16%, 19% and 40%, respectively.
A prominent finance and crypto newsletter, WhaleWire, noted that contrary to bullish expectations, the new Hong Kong Bitcoin ETFs may turn out to be a “complete failure.”
The account attributes the price dip to the lackluster start of these ETFs, writing "The six ETFs got on average $1.8 million each, that is the worst-performing ETF launch in history."
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin (CRYPTO: BTC) | -5.0% | $59,636.5 |
| Ethereum (CRYPTO: ETH) | -7.5% | $2,945.2 |
| Dogecoin (CRYPTO: DOGE) | -7.0% | $0.1305 |
At the time of writing at 4:00 p.m. Eastern Time, $380 million worth of positions had been liquidated in the last 24 hours, with $319 million in long liquidations per Coinglass data. In the past 24 hours, 108,929 traders were liquidated.
IntoTheBlock data shows that Bitcoin exchange net flows dropped by 16.1% to $49.7 million, while large transaction volumes and daily active addresses increased by 36% and 20% respectively.
Top Losers
| Cryptocurrency | Gains +/- | Price |
| Sei (CRYPTO: SEI) | -13% | $0.5412 |
| Pendle (CRYPTO: PENDLE) | -12% | $4.2 |
| Wormhole (CRYPTO: W) | -11.2% | $0.584 |
Also Read: Bitcoin ETFs Are ‘Some Of The Best Launches In History,’ Says Analyst, But Ethereum ETF Unlikely Before 2025
Analyst Notes: Crypto trader Rekt Capital, in his latest tweet, notes that Bitcoin is only 4% and 14 days away from equaling both the deepest and longest retrace in this cycle, with the current pullback being 19% deep and 49 days long.
Crypto technical analyst Ali Martinez points out that Bitcoin is currently testing the 100-day EMA while the RSI dipped to 36. It is the same as it was in late January, sparking a major price rebound.
However, he cautions investors, "A sustained close below the 100-day EMA might signal a drop toward the 200-day EMA."
The last time #Bitcoin tested the 100-day EMA while the RSI dipped to 36 was in late January, sparking a major price rebound.Now, $BTC is back at these levels! However, be cautious— a sustained close below the 100-day EMA might signal a drop toward the 200-day EMA. pic.twitter.com/cAxsq5ZaQI
— Ali (@ali_charts) April 30, 2024
Heavily followed crypto trader MMCrypto tweets that the full-on beast mode wave is yet to come.
#Bitcoin: What we've seen In the last 1.5 years was the first bullish wave.A last FULL ON beast mode wave is still yet to come.. pic.twitter.com/k69Kscq0YG
— MMCrypto (@MMCrypto) April 30, 2024
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC Meeting—Will History Repeat On Wednesday?
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.