Bitcoin ETFs See First Outflows, Triggering Price Dip

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Bitcoin ETFs See First Outflows, Triggering Price Dip
  • Bitcoin dropped below $69,000 and is down 2.5% in 24 hours.
  • Grayscale’s GBTC saw a single-day outflow of $39.5366 million.
  • BTC ETFs saw their first day of outflow after 19 straight days of inflows.

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, fell below the $69,000 price level in the last 24 hours, after briefly surpassing $70,000 last week.

The decline in BTC’s price coincides with the first outflow from spot Bitcoin ETFs approved by the United States Securities and Exchange Commission in January, following 19 consecutive days of net inflows.

According to data from CoSovalue, the total net outflow of Bitcoin spot ETFs was $64.9318 million. Grayscale’s GBTC experienced a single-day outflow of $39.5366 million; Fidelity’s FBTC had a single-day outflow of $3 million; Invesco and Galaxy Digital’s BTCO had an outflow of $20 million; and Valkyrie’s BRRR saw $16 million in outflow.

On the other hand, Bitwise’s BITB received an inflow of $7.5910 million, and BlackRock’s IBIT had an inflow of $6.3433 million. Hashdex, WisdomTree, and Franklin Templeton’s BTC ETFs remained neutral, with no inflow or outflow.

As per CoinMarketCap data, Bitcoin reacted negatively to this event, with prices dropping close to 2.5% in 24 hours. The leading digital asset is trading below the $68,000 price level at the time of writing.

The price of BTC as of 12:55 a.m. ET stands at $67,931, with an 88.32% surge in trading volume, accompanied by a 2.79% decrease in market capitalization. While BTC is up 163.44% since June 2023, the digital asset has been unable to maintain prices above $70,000.

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