Bitcoin (BTC) has been having a hard time for several days. The Bitcoin price has suffered a total decline of no less than 8.5% in three days. And that’s not all: US Bitcoin spot Exchange-Traded Funds (ETFs) have also suffered big losses.
Tens of millions of dollars have flowed out of the funds every day for the past three days, with a total loss of $140 million.
Third losing day in a row for Bitcoin ETFs
Specifically, Bitcoin ETFs launched in January have lost a combined $140.3 million over the past three days, data from Farside Investors shows. However, over the entire week the funds are still in positive territory. On Monday, a combined net inflow of $235.2 million was recorded.
But that doesn’t change the disappointing run the funds are currently in. On Tuesday, the negative streak kicked off with a modest $18.6 million loss, followed by $40.6 million in outflows on Wednesday. Things have gone from bad to worse as $81.1 million flowed out of the funds yesterday.
Yesterday, BlackRock had to cash out for the fifth time since launch. His IBIT fund ended the day down $10.8 million. Fidelity’s FBTC fund and the ARKB fund of ARK Invest and 21Shares managed to surpass this, with respective outflows of $33.8 million and $30.3 million. . Bitwise also lost $6.2 million yesterday.
BTC price drops to $59,000
No one was able to raise new capital yesterday, which hasn’t happened since September 3. This shows how bad the funds are now, and as usual that goes hand in hand with a sad sentiment on the entire crypto market.
However, the week started on a hopeful note. During the night from Sunday to Monday, the Bitcoin price made a big jump from $62,500 to $64,000. However, Bitcoin could not break through $64,000, and after the second attempt on Monday evening, the price has swung sharply in the other direction.
Bitcoin first seemed to hold itself above $62,000, but this support level was lost on Wednesday evening. The bulls then held strong at the next stop at $60,000, but this is where Bitcoin fell through the roof yesterday.
Bitcoin reached a low of $59,000 last night, but has since recovered to almost $61,000. Is there more pain to come or can ‘uptober’ still be achieved? In any case, Bitcoin is doing everything it can to chase even more investors out of the market, which it has been doing for more than six months.
Source: https://newsbit.nl/bitcoin-etfs-bloeden-140-miljoen-verlies-in-3-dagen/
