Bitcoin Displays Resilience During Stock Market Turbulence
In the face of significant stock market volatility triggered by U.S. tariffs, Bitcoin has emerged as a stable force, sparking Optimism among institutional investors.
Bitcoin Holds Steady Amid Stock Market Crash
As the stock market declines due to U.S. tariffs on most of its trading partners, Bitcoin has shown resilience. The Dow Jones Industrial Average shed more than 2,200 points on April 4, adding to Thursday’s decline of 1,679 points, marking the worst two-day performance in history. Despite this, Bitcoin (BTC) showed relative resilience, which Joe Burnett, Director of Market Research at Unchained, sees as great news for institutional investment. Burnett tweeted that with Trump’s tariffs in place, U.S. equities crashing, and China retaliating, now may be one of the best times to build a meaningful Bitcoin position. However, he clarified that this was not financial advice.
GameStop CEO Purchases $10.7M in GME Stock After Bitcoin Push
GameStop CEO Ryan Cohen has purchased $10.7 million in GME stock, eight days after the video game retailer announced its plans to add Bitcoin to its treasury reserve. Cohen bought 500,000 Class A shares of GME at $21.55 per share, according to a financial disclosure filed with the Securities Exchange Commission. The executive now holds 8.4% of stock issued by GameStop. GameStop’s stock closed at $23.49 on Friday, up more than 11%. Shares are down about 50% since June 6. The purchase comes after GameStop unveiled plans to pour corporate cash into Bitcoin.
Crypto Price Today: Bitcoin Drops to $81k, Altcoins Suffer Significant Losses
The cryptocurrency market experienced a continued downtrend and increased volatility today, with Bitcoin’s price falling to $81,498. This drop occurred due to uncertainty in the stock market caused by recently announced tariffs by U.S. President Donald Trump. Bitcoin, which had reached $88k earlier this week, decreased by over 3.27% in the past days. Following this move, the altcoin market lost over $50 billion from its market cap in the past 2 days, with leading altcoins experiencing significant drops from their weekly highs. At the time of writing, Bitcoin is trading at $82,000 with a 24-hour trading volume of $39.45 billion.
Bitcoin ETFs See Nearly $100M Outflow After Trump’s Tariff News
Following President Trump’s tariff announcements, spot Bitcoin ETFs experienced nearly $100 million in net outflow as investors reassessed their strategies and shifted away from risk assets like Bitcoin. According to Sosovalue data, on April 3, U.S. spot Bitcoin ETFs had a net outflow of $99.86 million, following an accumulation of $220.76 million on the day Trump announced tariffs on over 50 countries. This week, Bitcoin ETFs have seen $107.81 million in net selling. Grayscale’s GBTC ETF led the selling with $60.2 million, followed by Bitwise BITB’s $44.19 million and Fidelity FBTC’s $23.27 million. Other ETFs like Ark and 21Share’s ARKB, VanEck’s HODL, and WisdomTree’s BTCW also witnessed negative inflows.
Crypto Liquidates $404M, But Bitcoin ETFs Show Net Inflows
The cryptocurrency market experienced a significant price decline, resulting in immediate losses for both long and short-position trading activities. Notably, despite the market turmoil, Bitcoin ETFs recorded net inflows, indicating a divergence in investor sentiment. The U.S. government’s tariff announcement triggered a market sell-off, severely impacting Bitcoin prices. Over the previous day, the market liquidated positions of more than 200,000 traders, with total liquidations exceeding $567.99 million. Long position losses amounted to $370.27 million, while short sellers faced losses of $197.84 million. This divergence between Leveraged trading losses and Bitcoin ETF inflows underscores the growing institutional commitment to Bitcoin as an extended investment option. Bitcoin’s price fell sharply, starting from $88.
