The crypto market had a terrible day yesterday and the mood on the American stock exchanges was also lacking. The listed funds of Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have lost a fortune of capital. In fact, it was their worst day since launch for the XRP funds.
Capital flight from crypto funds
Yesterday was a dark day for investors. It was the first trading day on Wall Street since the escalation around Greenland and the crypto market felt it.
Bitcoin recorded its worst day in two months with a loss of almost 5 percent. Many altcoins exceeded this by a wide margin and the crypto spot Exchange-Traded Funds (ETFs) also felt the unrest. These are stock exchange funds that hold crypto and thus follow the underlying price.
Bitcoin funds lost the most capital with a net outflow of $479.7 million. It is logical that they will be hit the hardest, as they simply contain the most money.
Grayscale’s GBTC fund saw the most money disappear with an outflow of $160.8 million. BlackRock’s IBIT fund, which manages the most money, lost $56.9 million.
The Ethereum funds took a much bigger hit, relatively speaking, with a loss of $230 million. This was the largest outflow since November 20. The BTC funds, on the other hand, had released more capital on January 7 than yesterday.
The XRP funds made history yesterday with a contraction of $53.32 million. This is evident from data from SoSoValue. It is the worst result since the stock market debut in mid-November. It should be noted that this is only the second day on which an outflow has been reported.
The funds for Solana (SOL) and Chainlink (LINK) managed to rake in money with inflows of $3.08 million and $4.05 million respectively.
Prices are faltering: ETH hit hardest
The Bitcoin price fell yesterday from around $93,000 to a low of $87,900. Today in the early hours the $90,000 was touched again, but it is now back to $89,000. That is 2.17 percent lower than 24 hours ago.
With Ethereum (ETH) we see a much larger loss of 5.02 percent and Ripple (XRP) is 2.31 percent lower.
Source: https://newsbit.nl/bitcoin-ethereum-xrp-hebben-knalrode-dag-op-wall-street/
