Bitcoin whales take advantage of post-CPI dip, boosting BTC price by 3.6%

Bitcoin (BTC) experienced a rebound on April 10, reaching $69,000 as whales took advantage of fresh United States macro data and “bought the dip.” The BTC price started recovering after hitting local lows of $67,482 on Bitstamp. This drop coincided with the release of the U.S. Consumer Price Index (CPI) for March, which slightly exceeded expectations at 3.5% year-on-year. Market observers had previously speculated that whales were intentionally driving down the price to capitalize on the CPI event, and this theory became a reality as whales were seen buying Bitcoin on Binance. BTC/USD eventually returned to its daily opening level of around $69,100. Popular trader Jelle expressed excitement about Bitcoin returning above $69,000 and the daily candle turning green again. Another trader, Daan Crypto Trades, pointed out that the dip below $68,000 had closed a new “gap” in CME Bitcoin futures markets that had emerged over the weekend due to after-hours volatility. In the U.S., spot Bitcoin exchange-traded funds (ETFs) from BlackRock and Fidelity Investments continued to see modest inflows on April 9, maintaining their streak of positive net flows. However, there were overall outflows of $18.6 million for that day, mainly due to the impact of The Grayscale Bitcoin Trust (GBTC), which experienced outflows of around 2,600 BTC ($180 million) on April 10. It is worth noting that Hong Kong is planning to allow spot Bitcoin ETFs, expediting their approval process. As always, readers should conduct their own research and exercise caution when making investment decisions.