The Bitcoin (BTC) bull run appears to have taken a slight dip at $87K after reaching an all-time high of $93,062 this week. A primary factor behind this pullback is significant U.S. Bitcoin ETF outflows of $400 million on November 14.
At the time of writing, Bitcoin is trading at $87,616, down 2.46%. The 24-hour trading volume for Bitcoin has decreased by 27.15% to $86.16 billion. Its market cap has also dropped by 2.45%, reaching $1.73 trillion, causing Bitcoin to slip back to the eighth-largest asset. It briefly overtook Saudi Aramco, which has since reclaimed its spot at number 7.
Bitcoin initially fell by 1.5% to $88,300 after Federal Reserve Chairman Jerome Powell stated that the current economic conditions do not signal an urgent need to lower interest rates.
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Additionally, Bitcoin’s decline can be attributed to other two factors: selling pressure and significant institutional outflows amounting to $400.67 million from the Bitcoin ETF market. Notably, the cumulative net inflow of U.S. spot BTC ETF market has decreased by a substantial $1 billion, now standing at $27.83 billion. The outflows as of November 14 included a $179.16 million withdrawal from Fidelity (FBTC), $161.72 million from Ark & 21Shares (ARKB), and $113.94 million from Bitwise (BITB). The only inflow into BTC ETFs was $126.53 million into BlackRock (IBIT).
In the Ethereum ETF market, there was a daily net outflow of $3.24 million, primarily from Grayscale (ETHE) at $3.24 million. Meanwhile, BlackRock (ETHA) saw an inflow of $18.87 million.
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