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Bitcoin (BTC) price is recovering as the halving approaches

Bitcoin rebounded slightly as the halving approached, gaining 5% in 24 hours. Ether also rose 4% to $3,000. According to Laurent Kssis, a crypto ETP specialist at CEC Capital, the uptrend for Bitcoin in US markets will continue and then adjust and return to previous levels. Bitcoin hit a weekly low of $58,800 this week and is currently approaching $65,000. The halving is expected to take place late Friday or early Saturday UTC. The quadrennial event slows the growth rate of Bitcoin supply by 50%. Altcoins also gained: Dogwifhat (WIF) rose 18%, Ethena Labs' ENA rose 16%, and Sei Networks' SEI rose 14%.

U.S.-based spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded outflows totaling $4.3 million on Thursday, extending a four-day withdrawal streak ahead of the supposedly bullish mining halving. Reward. Since April 12, the ETFs have seen a cumulative net outflow of over $319 million, with Grayscale's GBTC accounting for a large portion of the withdrawals, preliminary data from Farside Investors showed. On Thursday, GBTC lost $90 million in outflows, partially offset by inflows into Fidelity's FBTC and BlackRock's IBIT. The Grayscale ETF has seen outflows since day one for several reasons, including the fund's relatively high fees. While GBTC outflows may not be a cause for concern, recent slower inflows into other ETFs could be a concern.

Cryptocurrency exchange Kraken is acquiring TradeStation Crypto, the digital assets-focused division of online brokerage firm TradeStation, to expand its regulatory licensing in the US. “We can confirm that Kraken recently purchased TradeStation’s crypto business,” a Kraken spokesperson said via email. “The transaction is part of our efforts to accelerate our US presence and will provide further growth and new product opportunities for Kraken in the US.” The company declined to disclose the amount paid. The acquisition has not yet been publicly announced. Florida-based TradeStation Crypto has acquired money transmitter and other types of regulatory licenses in most U.S. states in recent years.

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