- Bitcoin weathered $2.92 billion in net outflows over the past 30 days, marking its second-weakest post-halving performance.
- Bitcoin saw substantial net outflows during April and early May, exceeding $500 million on two occasions – $547 million on April 13 amidst tensions in the Middle East, and $536 million on May 1.
- Bitcoin’s price performance since the April 20 halving has been slightly ahead of the current price, representing the second-weakest post-halving performance just ahead of the first epoch.
Bitcoin saw substantial selling pressure and price declines in April 2024, leading to significant spot outflows totaling $2.92 billion over the past 30 days.
Price Performance
After hitting a peak of around $64,000 shortly after the April 20 halving, Bitcoin’s price fell over 15% in April, its largest monthly decline since November 2022. This sell-off was likely driven by the conclusion of tax season in the US combined with broader economic factors.
Bitcoin appeared to find a temporary bottom on May 1 when it reached a low of about $56,800. Since then, it has climbed back over 11% as of May 7.
Outflows
According to data from Coinglass, Bitcoin experienced major net outflows during April and early May, topping $500 million on two occasions – April 13 ($547 million) and May 1 ($536 million).
Nearly every day between April 9 and May 1 saw net outflows, with only two exceptions. Overall, Bitcoin saw $2.92 billion in net outflows over the past 30 days.
Historical Performance
In terms of post-halving price performance, Bitcoin is currently slightly outperforming the 2012 and 2016 halvings. However, most of Bitcoin’s previous bull runs did not truly accelerate until 12-18 months after the halving events. Therefore, it’s likely too early to fully assess Bitcoin’s trajectory in the current cycle.
Conclusion
While April 2024 was a rocky month for Bitcoin characterized by heavy selling pressure and outflows, the cryptocurrency has rebounded most of these losses so far in May. Historical data also suggests there is still plenty of room for growth in the months and years ahead.
