- Bitcoin ETF inflows dropped by 80.6% in 24 hours with a net inflow of $133 million.
- Dropping ETF inflows correlates with a dip in BTC, with the price falling below $67,000.
- CoinGlass data showed 193,431 traders liquidated in 24 hours, with a total liquidation of $682.14 million.
According to Spot On Chain, a cryptocurrency analytics platform, Bitcoin ETF recorded a net inflow of $133 million on Thursday, March 14, 2023. This represents an 80.6% drop from the previous day’s inflow.
The analytics platform also reported a cumulative total net inflow of $11.96 billion into the Bitcoin ETF ecosystem after 44 trading days. However, Spot On Chain noted that despite remaining positive, the net inflow is at its lowest level in the past eight trading days.
Thursday’s drop marked a second consecutive day of dropping inflows in Bitcoin ETFs. On Wednesday, the ecosystem recorded an inflow of $684 million, representing a 38.3% drop from the day before. Wednesday’s drop followed a record-breaking single-day inflow of $1.05 billion on Tuesday.
Noticeably, the dropping ETF inflows impact correlates with Bitcoin’s price movement. BTC reversed on Thursday after printing a classic bullish candle the previous day. Thursday’s drop amounted to a 7% pullback from the previous day’s high as the price fell to $68,555 before closing at $71,371, according to data from TradingView.
The drop continued on Thursday, with the flagship cryptocurrency threatening a second consecutive bearish day for the first time since February 24. BTC fell to $66,767 in the early hours of Friday following massive liquidation on the Bitcoin network.
As of the time of writing, CoinGlass data showed 193,431 traders liquidated in the past 24 hours, with a total liquidation of $682.14 million. The largest single liquidation order happened on OKX – BTC-USDT-SWAP, valued at $13.30M.
Bitcoin traded for $68,416 as of writing, as the bulls struggle to hold the price above the support created on March 10. Breaking the support could see BTC fall to the next support of around $64,000 established after the March 4 breakout, per TradingView data.
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