Crypto Market Update – April 2024

May 9, 2024


April lived up to its reputation for volatility, with price swings typical of a Bitcoin halving cycle. However, the month wasn’t all doom and gloom – exciting developments continued to unfold in the crypto space:

  • Bitcoin’s plummet in April resulted in $2.92 billion in spot outflows, marking its most substantial monthly decline since November 2022.

  • Hong Kong introduced Asia’s inaugural spot bitcoin and ether ETFs, offering investors the opportunity to trade these cryptocurrencies at spot prices.

  • Bitcoin ETFs witness a significant $217.0 million influx, with Fidelity at the forefront of the surge.

These developments highlight the dynamic nature of the crypto landscape, emphasizing the importance of strategic investments in dedicated crypto hedge funds. At Altfund Management, we’re dedicated to navigating this evolving terrain, partnering with top-performing digital asset managers to seize emerging opportunities and deliver optimal returns for our investors.


Bitcoin’s April Plunge Leads to $2.92 in spot outflows

“Bitcoin faced massive selling pressure in April 2024, recording its most significant monthly decline of 15% since November 2022, when it dropped over 16%.“


Asia’s First Bitcoin and Ether ETF’s Debut in Hong Kong

“Hong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices.”


Record Bitcoin – ETF Outflow Buffets BlackRock, Fidelity Funds

“Investors pulled a net $564 million from the batch of almost a dozen funds on Wednesday, the biggest drawdown since the products debuted in January.”


Ex-Binance CEO Changpeng Zhao sentenced to four months in prision

“Changpeng Zhao, also known as CZ, pleaded guilty in November to violating U.S. money laundering laws and had been free to travel in the United States on a $175million bond.”


House McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum

“Chair Gensler refused to answer questions regarding the SEC’s classification of ether,” McHenry said in a statement posted on X. “New court filings show this was an intentional attempt to misrepresent the commission’s position.”


BlackRock’s historic 71-day streak ends as IBIT Bitcoin ETF sees zero inflow

“TheBlackRock IBIT Bitcoin ETF’s monumental 71-day streak of inflows since its inception has finally come to an end, as April 24 saw zero net inflows for the fund.”


Fidelity leads with inflows as Bitcoin ETFs capture $217M in one day

“Fidelity (FBTC) emerged as the leader, attracting the largest inflow of $99.2 million on May 6. This marks the second consecutive trading day that FBTC has led the daily inflows across all ETFs, bringing its total inflows to $8.3 billion, according to Farside data.”


Robinhood (HOOD) gets SEC’s notice for US crypto Business

“Galvin alleged that Robinhood treated trading as a game and implemented strategies to entice young and inexperienced traders to engage in risky trading through its online platform, thus violating the state’s fiduciary duty rule and failing to protect its customer’s money.”


Bitcoin Former NFL Star Rob Gronkowski to Pay $1.9M to Settle Crypto Investor Suit

“Former New England Patriots and Tampa Bay Buccaneers tight end Rob Gronkowski will pay $1.9 million to settle claims brought against him by former customers of Voyager Digital, a cryptocurrency lender.”


AI Tokens Lead Crypto-Market Recovery as Nvidia Hits One-Month High

“AItokens such as RDNR, AGIX, FET outshine bitcoin by a wide margin.”

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