Subscribe to our Telegram channel

Bitcoin lost $ 706 million over the week, and Ethereum — $ 91 million

1:23 pm, September 9, 2024

Over the past week, the cryptocurrency market has suffered serious losses due to significant outflows from exchange-traded funds (ETFs) related to bitcoin BTC $74,724.47 Bitcoin -0.46% Market capitalization $1.48 trillion VOL. 24 hours $5.15 billion and ethereum ETH $2,819.58 Bridged Ether (StarkGate) 7.55% Market capitalization $0.23 billion VOL. 24 hours $2.4 billion . According to market analysts, Bitcoin ETFs lost $ 706 million and Ethereum ETFs lost $ 91 million.

In particular, on September 6, Bitcoin-ETFs registered a massive withdrawal of $ 170 million, which pushed the weekly outflow to a record $ 706 million. Similarly, Ethereum-ETFs also suffered losses, with the largest being a $ 10.7 million withdrawal from the Grayscale ETHE fund.

The overall market pressure caused by the volatility has led to a 5% drop in Bitcoin’s value to around $ 54,796, while Ethereum has lost over 12% over the past month to trade at $ 2,305.

The significant outflows have heightened investor fears and put additional pressure on cryptocurrency markets, although cryptocurrencies still have a 29% year-to-date gain for Bitcoin.

As a reminder, 10x Research analysts suggest that the price of bitcoin could fall to $ 45,000. «Bitcoin addresses peaked in November 2023 and declined sharply after the first quarter of 2024. When the number of BTC held by short-term holders began to decline in April and long-term holders took advantage of high prices to exit, it indicated that the top of the cycle had been reached,» the crypto experts explained.

Subscribe to our Telegram channel

BTC

$74,724.47

-0.46%

ETH

$2,819.58

7.55%

BNB

$596.68

1.90%

XRP

$0.56

2.46%

SOL

$187.70

-0.49%

All courses
Subscribe to our
Telegram channel!
The latest news and reviews of the cryptocurrency markets of the last
day right in your messenger. We are waiting for you!
GO TO
Show more