"Bitcoin retreated under USD 112,000 on Thursday, with traders turning cautious ahead of key US releases, including today's GDP figures and Friday's PCE data. Softer prints could reinforce expectations of a dovish Federal Reserve stance and support Bitcoin, while signs of deeper economic weakness could weigh on broader risk sentiment. Position liquidations underscored the fragile backdrop. Over the past 24 hours, it reached USD 411 million, with longs constituting the majority."
"On the bright side, ETF flows turned supportive after two sessions of outflows. US spot Bitcoin funds drew USD 241 million on Wednesday; however, support could remain patchy. In contrast, Ethereum products continued to struggle, posting USD 79 million in redemptions. Crypto treasury initiatives could continue to support the market. Jiuzi Holdings, a China-based EV retailer, announced a USD 1 billion crypto investment plan focused on Bitcoin, Ethereum, and BNB."
Bitcoin retreated below USD 112,000 as traders turned cautious ahead of US GDP and Friday's PCE releases. Softer macro prints could reinforce expectations of a dovish Federal Reserve and provide support for Bitcoin, while deeper economic weakness could weigh on broader risk sentiment. Position liquidations totaled USD 411 million over the past 24 hours, with longs constituting the majority. US spot Bitcoin ETFs drew USD 241 million on Wednesday after two sessions of outflows, while Ethereum products recorded USD 79 million in redemptions. Jiuzi Holdings announced a USD 1 billion crypto investment plan targeting Bitcoin, Ethereum, and BNB, signaling increased corporate integration of digital assets.
Read at London Business News | Londonlovesbusiness.com
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