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Today is May 1st Labor Day in 2024, and it will also be the first day of the Red May. People in the crypto market seem to have experienced a terrifying April. Let's look back at the crypto market in April. First of all, Bitcoin is experiencing its worst month since the collapse and closure of FTX, the cryptocurrency tycoon SBF, as the excitement around the U.S. Bitcoin spot ETF faded and Grayscale continued to flow out. Preliminary data showed that Bitcoin fell nearly 15% in April, the biggest drop since the 16% drop in November 2022. The frenzy caused by the U.S.-labeled Bitcoin spot ETF pushed Bitcoin to a record high of $73,787.1 in March, but as tensions in the Middle East continued to escalate and the Russia-Ukraine conflict escalated further with NATO's participation, people's bets on the U.S. Federal Reserve's interest rate cuts weakened, demand for high-risk investments was hit, and funds flowing into these products fell sharply. As of April 29, 11 US spot ETFs had a net outflow of $182 million this month. In March, these funds had a net inflow of $4.6 billion, especially spot Bitcoin ETFs, which reduced their holdings by a total of about 1,698 BTC on April 30. According to on-chain data monitoring, the data of spot Bitcoin ETFs on April 30 are as follows: Grayscale reduced its holdings by 1,328 BTC, worth about $807 million, and now holds 297,118 BTC, worth about $18.06 billion; nine spot Bitcoin ETFs (including Grayscale) reduced their holdings by 1,698 BTC, worth about $1.0322 billion.
Last night, CZ's hearing was closed and he was sentenced to 4 months in prison. Bitcoin fell to a low of $59,177.6 in the early morning, and now it has returned to above $60,000. Pay attention to the Federal Reserve's announcement of the May interest rate decision at 2 a.m. Beijing time on Thursday. Federal Reserve Chairman Powell will hold a press conference at 2:30 a.m. on the same day, and the U.S. non-farm data will be released on Friday. This series of factors affecting the trend of the crypto market will soon pass. The bull market in May is worth looking forward to. Pay attention to Mingge's speed in entering the circle. #ETH #BTC🔥🔥🔥🔥🔥🔥
