Fidelity's FBTC, not GBTC, led outflows on Wednesday in what may be an alarming development for the bulls. BlackRock's IBIT had its first-ever day of outflows, with $36.9 million exiting the fund. Fidelity's FBTC led outflows, shedding $191 million, followed by GBTC, ARKB and IBIT.
Fed Chair Powell ruled out a rate hike as the next move, catalyzing a brief bounce in BTC.

Investors dumped U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) at the fastest pace ever on Wednesday, even as Federal Reserve (Fed) chairman Jerome Powell dismissed the prospect of a rate hike.
The 11 ETFs saw a cumulative net outflow of $563.7 million, the largest since the funds began trading on January 11, extending a five-day losing streak, according to data source Farside Investors and CoinGlass. Investors have pulled out nearly $1.2 billion from the ETFs since April 24. Also notable Wednesday were the first-ever outflows from BlackRock's iShares Bitcoin Trust (IBIT), which saw $36.9 million exiting the fund.

Fidelity’s FBTC led outflows on Wednesday, losing $191.1 million in withdrawals. This might be alarming to bulls as FBTC and BlackRock’s IBIT consistently attracted funds in the first quarter, more than compensating for the regular large outflows from the relatively costly Grayscale ETF (GBTC).

On Wednesday, GBTC witnessed the second-largest outflow of $167.4 million, followed by ARKB’s $98.1 million and IBIT's $36.9 million. Other funds also bled money even though Powell's net-dovish approach put a floor under risk assets, including bitcoin. A dovish stance is one where the central bank prefers employment and economic overgrowth over excessive liquidity tightening.

The Fed also said it will significantly curtail its alternate liquidity tightening program, called quantitative tightening (QT), starting June. Meanwhile, the U.S. Treasury announced a program to buy back billions of dollars in government debts for the first time in over two decades to improve liquidity in the bond market.
Like other risk assets, bitcoin is sensitive to expected changes in liquidity conditions and witnessed a brief rally from $56,620 to $59,430 following Powell’s comments. The yield on the 10- and two-year Treasury notes fell along with the dollar index.

BTC’s bounce, however, was short-lived, with bitcoin falling back to $57,300 at press time. Early this week, Asia's first spot bitcoin and ether (ETH) ETFs debuted in Hong Kong with disappointing volumes, worsening the mood in the crypto market.

Quote from: pacar_tiri on April 27, 2024, 11:49:19 PM

Quote from: yohananaomi on April 24, 2024, 10:00:41 PM

We always appreciate that they can't do it like Binance. It all depends on their personality, because this assistance is clearly for a noble purpose. Maybe now they haven't had the chance,, maybe in the future, and we don't know.
You are right, that being greedy and feeling like everything is certainly not good and agree that Binance has taken a step forward to remind everyone that they can do that too.
But everything is returned to each individual in responding to it, and we must continue to respect that.

That's right, by respecting what Binance does, it's good enough because not all exchange platforms are capable of doing things like this. Binance has become a pioneer as an exchange place that has good human nature and we have to respect that.

Binance has been a pioneer in being able to provide humanitarian assistance so that what is done will contribute to Binance as well, so that many of its users become more loyal to continue using it because of what is contributed by its loyal users.
Hopefully, it will be followed by many others with assistance in other situations too, because humanitarian programs like this are still very much needed.

After I researched further, there are many large cryptocurrency markets that carry out humanitarian programs. Some of the markets are;

Coinbase and Market use a program called Coinbase Giving which focuses on improving education and the economy using cryptocurrency.

Next there is Kraken which uses the Kraken Charitable Foundation program to provide assistance to those affected by natural disasters.

And there are others too many for me to mention them all.

With the value of BTC increasing above 66,000$, the total market value of the first cryptocurrency reached the level of 1.29$ trillion, which represents an absolute historical peak.

In parallel, Bitcoin surpassed Meta in terms of capitalization and ranked 9th among all global assets.

P.S. Do you expect BTC, from 9th place, to overtake Silver + Alphabet (Google) in the short term?

The showed CAP is just a number as you can see the BTC market fluacting and now the CAP is down. There is still a chance the CAP can down a little more in short Term, but in Long Term it will increase insanely.

Just download any of the non-custodial wallet like solfare wallet, phantom or Bitget wallet. No stress creating solana wallet with these. You only need to backup your private key.. Also, Bitget wallet supports more chains than the rest.

Solfare and Phantom are still good enough for using transactions on the Solana network, but for Bitget I prefer to avoid them because so far I have found a lot of drain cases for those who use the Bitget wallet. Until now I have used Solfrare to buy several meme coins on the Solana network. At least I have provided information which I think is quite important for the future depending on your decision.

Quote from: satpol_PP on April 30, 2024, 01:44:30 AM

Quote from: enwi on April 29, 2024, 11:44:21 AM

Agree, but when we discuss bitcoin and altcoins then the altcoin price movement should depend on the development of the project they have. If the product they develop then this altcoin will have the potential to no longer follow bitcoin price movements. Meme coins such as Doge, Shiba and Pepe of course still follow bitcoin price movements because so far they have not developed any products.

Bitcoin is the center of all altcoins, how could altcoins not follow the development of bitcoin. If we talk about good projects, there are many good projects but they are still affected by Bitcoin's performance in the market.

You are right that all altcoins will be affected by Bitcoin's performance. As we see currently the price of bitcoin fell to $58K making almost all the coins turn red in the market. Are we going to enter a bearish season or just a correction? Everyone is always watching and waiting for the bitcoin price to rise, including me

When the price collapses, we can use the future trading method and open a Short order, we will profit from the collapse of the bitcoin price. The bearish season has started from the first wave of the Bitcoin price collapse on April 13 2024 and made Bitcoin unable to increase its price again. Not many people are aware of this momentum.