Bitcoin (BTC) is down nearly 4% and trading below $62,500 early in the Asian trading day, while Ether (ETH) is trading above $3,000.
The CoinDesk 20, the world's largest and most liquid index of digital assets, fell 4% to trade at 2,139.
CoinDesk’s index, the Bitcoin Trend Indicator (BTI), has turned from bullish to neutral, indicating that upward momentum is waning. BTI is a daily signal that communicates the direction and strength of Bitcoin price trends through a proprietary algorithm.
Bitcoin BTI has been in an uptrend or significant uptrend zone since October 2023. At the time, there were first reports that major fund managers were in the final stages of talks with the Securities and Exchange Commission (SEC) about launching a spot Bitcoin exchange. Fund (ETF).
Ether trend indicators have reached neutral as well.
According to market data, as of April 15, there were no outflows from other Bitcoin ETFs except GBTC.
Total flows last week amounted to -$82.5 million, most of which came from outflows from GBTC.
“Despite the economic downturn, trading volumes remain strong, with BTC spot ETFs trading at around $16.2 billion per week and daily,” Fineqia research analyst Matteo Greco said in a note shared with CoinDesk. “We recorded an average trading volume of $3.2 billion.” “Cumulative trading volume since its establishment currently stands at approximately $212 billion, with an average daily trading volume of approximately $3.3 billion.”
“While the record performance of stock and cryptocurrency markets may have temporarily helped ease downward price pressure, second-hand prices [for watches] “The contraction continued in the first quarter. We believe it is premature to conclude that the secondary watch market is headed for an imminent recovery,” the report said.
The report cites high inventory levels as the reason for the continued decline in market prices.
