Bitcoin Whales “Buy the Dip” as BTC Price Gains 3.6%

Bitcoin (BTC) experienced a rebound, reaching $69,000 on April 10, as large investors known as whales took advantage of the opportunity to buy when the price dipped. The recovery occurred after BTC briefly dropped to $67,482 on Bitstamp alongside the release of the U.S. Consumer Price Index (CPI) for March, which slightly exceeded expectations at 3.5% year-on-year. Analysts had anticipated that whales were intentionally driving down prices in order to purchase BTC during the CPI event, and this was confirmed when it was observed that whales were buying on the Binance exchange. BTC/USD remained stable at around $69,100 at the time of writing.

Notably, BTC’s drop below $68,000 resulted in a “gap” being closed in the Bitcoin futures markets of the Chicago Mercantile Exchange (CME). This gap had emerged over the weekend due to volatility in out-of-hours trading. On another front, Bitcoin exchange-traded funds (ETFs) in the United States, such as those offered by BlackRock and Fidelity Investments, continued to attract modest inflows of funds on April 9, maintaining their streak of positive performance. On the same day, there were aggregate outflows of $18.6 million due to the impact of the Grayscale Bitcoin Trust (GBTC), which saw $155 million being withdrawn. On April 10, GBTC experienced outflows of approximately 2,600 BTC ($180 million), according to data from Arkham, as shared on X by Daan Crypto Trades. It’s worth mentioning that Hong Kong is looking to expedite the approval process for spot Bitcoin ETFs.

Bitcoin witnessed a recovery after a brief drop in price, as whales took advantage of the opportunity to buy BTC during the release of the U.S. CPI data. The presence of whales buying on the Binance exchange confirmed earlier speculations that they were purposely driving down prices. BTC/USD stabilized around $69,100. BTC’s drop below $68,000 closed a gap in CME Bitcoin futures markets. In the United States, BTC ETFs from BlackRock and Fidelity Investments saw modest inflows on April 9, maintaining their positive net flow trend. The aggregate outflows for the day amounted to $18.6 million due to withdrawals from the Grayscale Bitcoin Trust. GBTC also experienced outflows on April 10. Hong Kong intends to fast-track the approval process for spot Bitcoin ETFs.