Bitcoin experienced a sharp decline over the past 12 hours, reaching a monthly low of $64,000, primarily due to increased outflows from spot ETFs.
At one point, the crypto market lost over $100 billion as many altcoins also saw significant drops.
Bitcoin’s Decline Last week, Bitcoin attempted several times to break through the $70,000 mark, especially after favourable US CPI data on Wednesday boosted its price from below $67,000 to $70,000 within minutes. However, the surge was short-lived as the US Federal Reserve announced it would not cut interest rates, leading to a sharp price drop. By Friday evening, Bitcoin had fallen by $5,000 to $65,000.
The weekend brought some stability with Bitcoin hovering around $66,000. Monday started quietly, with an attempted rise to $67,000. However, this attempt failed, resulting in a further drop to a monthly low of $64,000 and nearly $500 million in liquidations.
These price drops coincided with ETF outflows amounting to $145.9 million.
Bitcoin’s market cap has fallen below $1.3 trillion, while its dominance over altcoins has increased by 0.7% overnight to 52.1%.
Altcoins Suffer Bitcoin’s increased dominance amid its price correction has led to even steeper declines for altcoins. SHIB, UNI, and WIF, among others, have each dropped by around 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche, and Chainlink are also experiencing significant losses, with DOT nearing a break below $6. ETH and BNB are also down.
XRP stands out as the only large-cap altcoin to gain, rising to just over $0.5 during this market-wide correction.
The total crypto market cap has fallen below $2.5 trillion, shedding roughly $100 billion in the past day.
Source: QuantifyCrypto
At press time, Bitcoin is trading at $65,528, down 0.41% in the 24 hours and 2.55% in the 7 days.
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JinseFinanceRecord outflows hit US Bitcoin ETFs on Wednesday, totaling $563.7 million. Fidelity FBTC led with $191 million withdrawn, followed by Grayscale's GBTC with $167.3 million. ARKB, IBIT, and BITB also saw significant reductions. This reflects evolving investor sentiment amid regulatory uncertainties and market volatility.
Huang BoDespite overall outflows in digital asset investment products, XRP defied the trend with $1.3 million in inflows, showcasing resilience and continued appeal amid market uncertainty.
EdmundBitcoin stability persists despite GBTC outflows, hovering above $70,900. Market divided on impact; some cite fee structure, others anticipate downward pressure. Traders predict stability with a chance of reaching $75,000 or $80,000 by month-end.
EdmundGrayscale's GBTC Outflows Pressure US Bitcoin ETFs. Spot ETFs See Net Outflows after Four Days. Bitwise and iShares Buck Trend. Despite Recent Outflows, Continued Investor Interest in Bitcoin ETFs.
EdmundGold ETFs witness significant outflows, while Bitcoin ETFs attract billions in inflows, reflecting a shift in investor sentiment favoring Bitcoin over gold amid market dynamics and speculation.
Xu LinGrayscale's Bitcoin ETF sees a slowdown in outflows, with $15 million net sales on Friday. Concerns over GBTC's 1.5% high fee may drive investors toward lower-fee alternatives as Bitcoin ETF hype normalizes.
Huang BoBitcoin struggled to maintain $40,000 amid Grayscale's $700 million outflows. Challenges arose from GBTC's transition to a spot Bitcoin ETF, triggering significant BTC sales. Despite concerns, the market showed resilience, with uncertain future trajectories and growing interest at lower price levels.
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BitcoinistOn-chain data shows the crypto exchange Coinbase observed 38k BTC in outflows shortly before Bitcoin recovered back above $30k. Bitcoin ...
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