Bitcoin is down, and so is the rest of the crypto industry. Spot Bitcoin Exchange Traded Funds (ETFs) have suffered outflows as the market declines. At the time of this writing, Bitcoin (BTC) is worth $57,990, showcasing a 5.1% price drop in a week.
BTC ETFs join the crypto doomsday
The United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs in January 2024. By market close on Wednesday, BTC ETFs saw $20.45 million outflows. Data from SoSoValue shows that Grayscale’s GBTC had a daily net outflows of $26.99 million.
On the other hand, Fidelity’s FBTC had $6.55 million in net inflows, while the remaining 9 ETFs had zero flows.
Farside reports massive spot BTC ETF outflows in Thursday markets. The market count ranged between $59.7K and $60.5K. However, Bitcoin crashed to $58K after markets closed.
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iShares Bitcoin Trust is 2.21% down today on the Nasdaq, retailing at $34.44. Grayscale Bitcoin Trust ETF (ticker: GBTC) is down 2.24%. Also, ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) are down 2.81 % and 2.85%, respectively.
The worst is yet to come, according to Markus Thielen, founder and CEO of 10x Research. Thielen says that the $60,000 psychological level is key for miners and Bitcoin Spot ETF buyers.
However, he adds that BTC will fall to $50,000. He says, “Price declines could accelerate as support gets broken and sellers scramble to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could cause a sharp decline to the low $50,000s.”
The unfortunate crash is tied to the Mt. Gox BTC movement and the United States politics. The next POTUS will have a say in what the industry becomes. The aftermath of the Biden-Trump debate has had a rather chilling effect on the market.
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Also Read: Bitcoin Price Fluctuates as Mt. Gox Begins BTC Activity
