Bitcoin‘s price remained around $66,000 for several days but then dipped down to $63,500 due to increased market instability.
On April 24, an intriguing occurrence took place in the United States Bitcoin spot ETF market: The total withdrawals reached $120 million.
BTC Plunges by 4.5%
According to CoinMarketCap’s data, Bitcoin experienced a significant drop in value, decreasing approximately 4.5% from $66,700 to $63,500 within hours. Although it had regained some ground at the time of writing and was being traded at around $64,000, Bitcoin was still experiencing a loss and was down 3.8% compared to its value the day before.
The decline of Bitcoin from its peak at $66,000 caused significant damage to the crypto market, affecting approximately 91,000 traders and resulting in over $208 million worth of liquidations, according to CoinGlass data. Among these were short liquidations totaling around $32.18 million and long positions amounting to approximately $176 million.
Significantly, coins like Avalanche, Shiba Inu, Toncoin, Solana, and Cardano among the larger altcoins experienced greater declines than Bitcoin, with each coin dropping over 7%.
Spot ETF Outflows Hit $120M
On Wednesdays, investors pulled over $120 million from Bitcoin spot ETFs, ending a three-day run of positive investments. All other ETFs, apart from Fidelity’s FBTC and Ark Invest’s ARKB, experienced no new inflows, resulting in a total intake of only $9.8 million.
BlackRock’s IBIT saw a pause in investment flows after 71 consecutive days of influx, causing it to drop from the top ten ETFs with the longest streaks of continuous new assets. The ETF had joined this prestigious group on Tuesday following uninterrupted inflows since its debut on January 11.
While Grayscale’s GBTC saw over $130 million in withdrawals on Wednesday, the ETF has experienced continuous outflows since its inception. Currently, it holds approximately 302,000 BTC worth around $19.3 billion, with a trading volume of $526 million.
In the crypto world, analysts advise keeping a cool head when ETFs don’t see any new investments in a single day. According to Bloomberg ETF expert James Seyffart, this is normal and not cause for concern since most ETFs have zero inflows regularly.
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2024-04-25 11:42