Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows
The post Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows appeared on BitcoinEthereumNews.com.
Coinspeaker Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows The total cryptocurrency market slipped over 2% in the past 24 hours, led by Bitcoin (BTC), to hover around $2.46 trillion on Friday during the London session. The altcoin industry registered more bearish volatility, thus resulting in more than $129 million in forced liquidations. The LayerZero (ZRO) airdrop caught the attention of most retail traders as the Binance crypto exchange ushered in its airdrop period for the BNB (BNB price data) holders. Bitcoin Suffers Heightened Selling Pressure Bitcoin (BTC) price has struggled to rally beyond $72k in the past few months, despite the approval of several spot BTC ETFs in different jurisdictions led by the United States and Hong Kong. The lack of Bitcoin’s bullish momentum has been attributed to heightened selling pressure, precisely originating from Coinbase Global Inc. (NASDAQ: COIN). #Bitcoin selling pressure is originating from Coinbase. pic.twitter.com/Cwz95TLsCt — Ki Young Ju (@ki_young_ju) June 20, 2024 Notably, Coinbase has been absorbing the heightened Bitcoin selling pressure from spot BTC ETFs in the last few weeks. On Thursday, June 20, United States-based spot BTC ETFs registered a total cash outflow of about $139 million. Grayscale’s GBTC led in net cash outflow on Thursday of about $53 million, closely followed by Fidelity Investments’ FBTC with a total of $51 million. Bitwise’s BITB registered one of its highest daily cash outflows of about $32 million. Meanwhile, BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) registered a total cash inflow of about $1 million on Thursday. As a result, US-based spot BTC ETFs have registered five consecutive days of net cash outflows. 🚨 $BTC #ETF Net Inflow June 20, 2024: -$140M! • The net inflow has been negative for 5 consecutive days. • Only #BlackRock (IBIT) experienced…
Filed under: News - @ June 21, 2024 3:28 pm