Bitcoin’s retreat from $70k sparks concerns among tradfi investors, Bitfinex notes
Traditional investors (tradfi) are starting to exercise caution as Bitcoin's (BTC) price experiences a decline pulling back over 12.5% from its recent all-time high reached on Mar. 14. In a recent research report Bitfinex notes that the latest retreat “was one of the largest price dips” since the introduction of spot Bitcoin exchange-traded funds (ETFs) earlier this year.
Despite the surge in inflows into spot Bitcoin ETFs, which surpassed a billion dollars in a single day last week, recent data suggests a stabilization in flows, prompting some market observers to pause.
Bitcoin has seen remarkable growth since the beginning of 2024, with a 74% surge in value and a staggering 90% increase from its post-ETF slump lows. However, the recent sharp corrections, occurring twice within two weeks, hint at a potential deceleration in the strong uptrend observed since the latter half of 2023. While this doesn't necessarily signify a bearish outlook, it may indicate a period of consolidation for the broader crypto market, analysts at Bitfinex say.
