Bitcoin Rises Amid U.S.-Iran Ceasefire, But ETFs Experience Significant Outflows
Bitcoin Surges 5% But ETFs Bled $159M: Is This A Bull Trap?
Benzinga
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Bitcoin surged by 5% following a two-week ceasefire announcement between the U.S. and Iran, reaching $71,700. However, exchange-traded funds (ETFs) faced $159 million in outflows, indicating skepticism among institutional investors about the sustainability of this price rally.
- 01Bitcoin reached $71,700, its highest since March 18.
- 02ETFs experienced $159 million in net outflows on April 7.
- 03The U.S.-Iran ceasefire announcement contributed to the Bitcoin price surge.
- 04Institutional investors remain cautious, with only one ETF showing inflows.
- 05Key support for Bitcoin is at $69,177, with resistance at $73,000.
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Bitcoin (CRYPTO: BTC) surged 5% to reach $71,700 following a two-week ceasefire agreement between the U.S. and Iran, announced by President Trump. This marked Bitcoin's highest price since March 18. Other cryptocurrencies also saw gains, with Ethereum (CRYPTO: ETH) rising 6% to $2,238 and Solana (CRYPTO: SOL) increasing 6.5% to $84.81. However, despite the rally, exchange-traded funds (ETFs) faced significant outflows totaling $159 million on April 7, indicating a lack of confidence from institutional investors. Notably, BlackRock's IBIT lost $17.11 million, while Fidelity's FBTC saw a decline of $47.85 million. Only Valkyrie's BRRR ETF recorded a modest inflow of $2.32 million. As of April 8, Bitcoin trades around $71,600, with key support levels at $69,177 and resistance at $73,000. Analysts suggest that the current price movement may represent a bull trap, as the market shows strong momentum without follow-through.
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