Bitcoin Experiences Major Outflow from Spot ETFs Amid Price Decline
Bitcoin investors yanked $635 million from spot ETFs in a day. Here's what it means for price
Coindesk
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Bitcoin investors withdrew $635 million from U.S. spot exchange-traded funds (ETFs) in a single day, marking the largest outflow since January. This comes as Bitcoin's price struggles below the 200-day moving average, currently around $79,400, amid rising inflation concerns in the U.S.
- 01Investors pulled $1.26 billion from U.S. spot bitcoin ETFs over the past five trading days.
- 02Bitcoin's price has dropped over 2% to approximately $79,400.
- 03The correlation between ETF flows and Bitcoin's price has weakened significantly.
- 04The recent outflow is the largest since January 29.
- 05Rising inflation fears in the U.S. are impacting Bitcoin's price momentum.
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In a significant shift, Bitcoin investors withdrew $635 million from U.S. spot exchange-traded funds (ETFs) on Wednesday, marking the largest single-day outflow since late January. This withdrawal is part of a broader trend, with total outflows reaching $1.26 billion over the past five trading days. Bitcoin's price has struggled to maintain momentum, currently sitting at around $79,400, below the 200-day moving average of approximately $82,000. Analysts attribute the price decline to renewed inflation concerns in the U.S., despite the Nasdaq and S&P 500 indices reaching new highs. The relationship between ETF flows and Bitcoin's price has weakened, with a recent correlation study showing a Pearson coefficient of just 0.16, indicating that ETF flows may no longer reliably predict Bitcoin's price movements. The market is now questioning whether macroeconomic conditions will allow for positive net flows to continue supporting Bitcoin's price.
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The significant outflow from Bitcoin ETFs may lead to further price declines, affecting investors and market sentiment.
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