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Slump to $63,600 amid massive ETF outflows, strong dollar From Investing.com
prices fell significantly on Friday, driven by substantial outflows from BTC Exchange Traded Funds (ETFs) during the week and waning enthusiasm for cryptocurrencies amid the continued narrative of higher interest rates for a longer period continuing to support the US dollar.
Bitcoin was trading 3.5% lower at $63,665.8 at 09:07 ET (13:07 GMT), its lowest level in more than a month. Despite the decline, the leading cryptocurrency remained squarely within the $60,000 to $70,000 range observed in recent months.
Bitcoin ETFs See Weekly Outflows of $900 Million
US-listed spot Bitcoin ETFs recorded their fifth straight day of outflows on Thursday, with more than $900 million withdrawn so far this week.
According to data from SoSoValue, the 11 listed ETFs lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has seen frequent outflows since its conversion to an ETF in January, led the outflows with $53 million, followed by Fidelity’s FBTC with $51 million.
BlackRock’s IBIT, the largest ETF by assets, was the only product to see net inflows, gaining $1 million. Other ETFs have not seen any significant net inflow or outflow activity.
This recent outflow activity is the worst since late April, when total net outflows reached $1.2 billion during the trading sessions from April 24 to May 2. outflows began on June 10.
Bitcoin prices have struggled in recent weeks due to $1 billion selling by large holders, a strong U.S. dollar and a robust U.S. tech index market.
Cryptocurrency prices: a sea of red
Altcoins followed Bitcoin prices into the red, with the No. 2 cryptocurrency down 3% to $3,482.90 at the time of writing. Meanwhile, other major altcoins such as , , and lost between 2% and 5%.
Among meme coins, they fell 1.8% and fell 4.3%.