Spot Bitcoin ETFs Bleed with Massive Outflows
The United States Spot Bitcoin ETFs have experienced a significant outflow, surpassing $500 million in just one day. This unexpected turn of events comes amidst a broader market crash for Bitcoin, which has been facing a series of declines over the past month.
โ Spot Bitcoin ETFs in the US witness record outflows
โ Collectively lost $563.7 million in one day
โ Triggered by FOMC decision
โ Jerome Powellโs announcement to maintain interest rates
โ Largest outflows seen in Fidelity Wise Origin Bitcoin Fund
โ Followed by Grayscale Bitcoin Trust ETF
โ iShares Bitcoin Trust by BlackRock records significant outflows
โ Ends 71-day inflow streak
โ Nine other Bitcoin ETFs see substantial outflows
โ Hashdex Bitcoin ETF with zero flows
โ Invesco and Galaxyโs Bitcoin ETF with lowest outflows
Market Analysis: BTC Price Dips
The Bitcoin market is currently experiencing a crash, with the cryptocurrencyโs price plummeting significantly over the past month. Despite hitting new all-time highs of over $73,000 in March 2024, Bitcoin has undergone a massive price correction since the Halving Event on April 20.
โ Bitcoinโs price drops below $60,000 support level
โ Currently trading at $57,632 according to CoinMarketCap
โ Sharp decline in just a few days.
โ 3.42% drop in the past 24 hours
โ Weekly declines recorded
โ 10.42% drop in overall price
โ Analyst suggests buying the dip
โ Bitcoinโs MVRV down by 11.6%
Hot Take: US Spot Bitcoin ETFs Facing Outflow Crisis
The United States Spot Bitcoin ETFs market is grappling with a severe outflow crisis, as reports reveal an excess of $500 million pulled out in a single day. This unexpected scenario emerges amidst a broader market crash for Bitcoin, which has been enduring a series of downturns over the past month.
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