It’s another bloody day for Bitcoin (BTC), with the price losing more than 4% of its value. For the first time in over two months, the price has fallen below $58,000.
The American spot Exchange-Traded Funds (ETFs) are also experiencing capital outflows again, although the losses remain somewhat limited. Sentiment seemed to be going in the right direction earlier, but is now completely back to square one.
Bitcoin ETFs lose $20.5 million
Data from Farside Investors shows that bitcoin funds launched in January lost a total of $20.5 million yesterday, marking the second consecutive trading day of outflows. On Tuesday, investors withdrew $13.7 million from bitcoin ETFs.
Fidelity was the only one to welcome capital yesterday, with its FBTC fund seeing a meager net inflow of $6.5 million. Interestingly, Grayscale’s GBTC fund was the only one to see capital disappear, $27 million to be exact.
The other nine funds, including BlackRock, all saw no significant cash flows.
Combined trading volume yesterday also came in at around $800 million, slightly lower than the nearly $1 billion in volume a day earlier.
BTC price crashes to $58,000
The stock market products, like the underlying Bitcoin price, have quickly returned to their old negative rhythm. Last Tuesday, an end was put to a period of merciless outflows, which also marked the beginning of a hopeful series of 5 consecutive green trading days. Although the inflows were initially limited to tens of millions, the funds raised $73 million last Friday and even $129.5 million on Monday.
The Bitcoin price has followed a similar path. After a correction that lasted for weeks, the way up was found again since last weekend. After a peak just below $64,000, the price has fallen sharply again since Tuesday. Last night, Bitcoin took a nosedive to a new low just below $58,000, which does not bode well for today’s Bitcoin ETF results.
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Source: https://newsbit.nl/bitcoin-sentiment-verslechterd-drastisch-etfs-zien-nieuwe-uitstroom/
