As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I have witnessed firsthand the ebb and flow of Bitcoin’s price movements. The correlation between Bitcoin’s price and the landscape around spot ETFs is a phenomenon I have observed closely, particularly in times like these when the tides seem to be turning.
Bitcoin‘s price often mirrors the broader context surrounding the approval or rejection of Spot Exchange-Traded Funds (ETFs).
On Monday night, this fact was supported even more as Bitcoin surged past $58,000 for the first time in five days, breaking a two-week trend of ETF performance.
During the weekend, it was reported by CryptoPotato that Bitcoin spot ETFs had been experiencing a downward trend for two weeks. To be more precise, the information indicated that these investment tools had seen losses for eight consecutive days, which marked the longest such stretch since they were first introduced in mid-January.
Over the period since August 26, approximately $900 million has been withdrawn from these funds on a cumulative basis.
Clearly, these events influenced the Bitcoin price significantly. On the final day with inflows, which was August 26, BTC was valued at approximately $64,000. However, by September 6, marking the end of significant outflows, its value had dropped below $53,000 to hit a monthly low.
On Monday, a significant shift occurred in investment strategies as $28.6 million was directed towards the financial instruments. Leading this investment wave was Fidelity’s FBTC, contributing a whopping $28.6 million, closely followed by BITB with $22 million and ARKB with $6.8 million.
On the other hand, there were $22.8 million in withdrawals for Grayscale’s GBTC, and for only the third occasion in its history, BlackRock’s IBIT experienced outflows amounting to $9.1 million.
Bitcoin’s price not only halted its descent but surprisingly surged, reaching a 5-day peak of more than $58,000. Even though it has dropped by over $1,000 since then, it’s still climbing approximately 3.5% today.
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2024-09-10 08:36