2024-04-02 00:14:00
Investing.com – The price fell on Monday, pushing the largest cryptocurrency by market cap below the 70,000 threshold amid high market volatility ahead of the long-awaited halving event expected to occur later this month.
Bitcoin fell more than 2.4% over the past 24 hours and settled at $69,580.6.
Last week, Bitcoin’s 30-day year-over-year realized volatility rose to 63.76%, and remained above 60% at the end of the week, according to GlassNode data, the highest level since August 2022.
Realized volatility measures the deviation of returns from their average over a specific time frame, with higher numbers indicating greater risk of price fluctuations during that period.
Amid the surge, bitcoin’s 30-day realized volatility exceeded its reported volatility by roughly 10 percentage points, representing the largest gap the currency has seen in more than a year, according to analytics firm Kaiko.
This wide variation in volatility levels emerged shortly after the U.S. Securities and Exchange Commission (SEC) approved a series of spot Bitcoin exchange-traded funds (ETFs). This move provided traders with a way to gain exposure to Bitcoin indirectly, without the need for direct ownership.
Analysts at JPMorgan estimated sales of roughly $184 million across U.S. spot bitcoin ETFs on Thursday, the group’s 54th trading day.
“Total daily flows (excluding GBTC) were $289 million on Thursday with both BlackRock˖ IBIT and Fidelity˖ FBTC well below historical averages,” the analysts wrote.
“Grayscale˖ GBTC redemptions were only $105 million, below its running average since launch of $273 million,” they added.
Analysts said there was a notable slowdown across the board, with the exception of Bitwise’s BITB instrument, which saw a significant rally with $67 million in inflows on Thursday, significantly above its daily average of $30 million.
Following the green light from the US Securities and Exchange Commission, the performance of these spot ETFs has been in the spotlight, as net inflows have increased volatility in Bitcoin and the broader market. Meanwhile, dwindling expectations for the SEC to approve the exchange-traded fund by May has dampened trading enthusiasm among Ethereum investors.
Thailand’s largest cryptocurrency exchange to launch an IPO in 2025
Elsewhere in the world of cryptocurrencies, Bitkub Capital Group Holdings, the parent company of Thailand’s leading Bitkub Online exchange, is preparing to go public next year, CEO Jeraiut Srobsrisopa told Bloomberg News.
He said Bitkub aims to list on the Stock Exchange of Thailand to improve the company’s visibility and secure additional financing.
He stated that the company is currently using financial consultants for this purpose. The move toward an IPO in Thailand was first hinted at in a shareholder letter from 2023, but without a specific timeline.
In July 2023, Bitkub offloaded a 9.2% stake in Bitkub Online Co, its cryptocurrency exchange subsidiary, to Asphere Innovations Pcl for 600 million baht ($16.5 million). Jerayut expects an increase in Bitkub Online’s valuation from the 6 billion baht identified in this deal, driven by trading volumes that have reached elevated levels compared to the last cryptocurrency boom in 2021.
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