BTC (+3.6%) seems to be in its ‘post-halving danger zone’ as it exhibits a similar trend of downside volatility as during the halving that happened in 2016. It is crucial for BTC to maintain the $58k level in order to potentially avoid an extended decline. Simultaneously, while spot BTC ETFs saw a combined outflow of $563 million on Wednesday, BlackRock predicts that there will be a new wave of inflows from different types of investors, including sovereign wealth funds, pension funds, and endowments. The company expects a pent-up demand for BTC exposure via the ETFs.
In other news, MicroStrategy (MSTR), the largest corporate holder of Bitcoin, has announced that it plans to create a decentralized identity service using Ordinals inscriptions. This service will offer secure, immutable identities via the Bitcoin blockchain.
