10.04.2024

K33 Research analysts commented on the dynamics of ether and bitcoin

Representatives of the analytical corporation K33 Research shared another report, where they assessed the current situation in the cryptocurrency market. According to them, the drawdown of most of the major coins formed “a suboptimal market structure, which indicates its overheating”.

It was emphasized that over the past week bitcoin lost in value about 13%. This happened right after the main digital coin reached an absolute extreme near the $73,800 level.

It was also noted that in all previous bull markets, bitcoin lost up to 30% in value before recovering. Notably, open interest in futures contracts is still substantial. According to K33 Research specialists, the massive outflow of funds and spot BTC-ETFs put serious pressure on bitcoin dynamics.

For example, at the end of trading on March 18, investors withdrew more than $640 million from Grayscale Bitcoin Trust. As for the rest of the ETFs, the dynamics of the inflow of money from users has significantly decreased. But analysts at K33 Research emphasized that it’s too early to draw conclusions about whether industry funds have peaked in terms of fundraising.

Although 3-day flows in ETFs have turned negative, they have attracted significant funds from investors over the past weeks. Experts also emphasized that bitcoin’s dynamics had a negative impact on the main altcoin as well. However, experts are still positive about the medium-term prospects of BTC.

In their opinion, in the near future, the quotes of the coin may roll back closer to $50,000. However, here bitcoin can find strong support, which will prevent further price decline. In conclusion, experts have noted that there is nothing surprising in the current dynamics. The fact is that bitcoin traditionally loses a lot in price on the eve of halving.

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Коля Мельниченко

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