Nonetheless, the financial institution says that the unhealthy information is already priced in for bitcoin and ether, and “positive structural drivers” are anticipated to take over once more. The corporate reiterated its end-of-year bitcoin worth goal of $150,000 and its ether forecast of $8,000. Bitcoin was buying and selling round $66,800 and ether was close to $3,237 at publication time.
Market positioning is now a lot cleaner than earlier than, as $261 million of leveraged lengthy positions had been faraway from the bitcoin futures market on April 13 in response to Iran’s assault on Israel, the report famous. This was the biggest day by day liquidation since October 2023.
Bitcoin spot ETF inflows have seemingly slowed as a result of macro causes, the report stated. These embody greater U.S. Treasury yields and geopolitical pressure within the Center East.
