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Bitcoin tests $ 93,000 level
Bitcoin BTC $95,054.21 Bitcoin -1.32% Market capitalization $1.88 trillion VOL. 24 hours $2.93 billion has dropped to $ 94,500 after hitting a high last week. Experts attribute this to a large-scale outflow of funds from exchange-traded funds (ETFs) based on this cryptocurrency in the United States.
It is reported that on Monday, the total outflows from such funds amounted to almost $ 438.4 million, ending a five-day period of net inflows of $ 3.4 billion.
The largest outflows were recorded by Bitwise (BITB), which lost more than $ 280 million.
Grayscale’s GBTC fund lost $ 158.2 million, Fidelity’s FBTC lost $ 134.7 million, and Ark and 21Shares' ARKB fund lost $ 110.9 million.
Other funds, such as those from Invesco, Valkyrie, and VanEck, also showed negative dynamics.
At the same time, BlackRock’s IBIT fund, the largest spot bitcoin ETF with $ 31.6 billion in total revenues, showed an increase of $ 267.8 million.
Grayscale’s Mini Bitcoin Trust also recorded small positive inflows.
On Monday, 12 bitcoin ETFs traded a total of $ 5.6 billion, slightly higher than Friday’s $ 5.4 billion.
The total assets of these funds are estimated at $ 102.2 billion, which is about 5.4% of the total capitalization of the bitcoin market.
Analysts attribute such large-scale outflows to the growing volatility of bitcoin after it reached a new high.
At the time of writing, bitcoin’s price reached $ 93,920, its market capitalization is $ 1.86 trillion, and daily sales reached $ 84.49 billion.
Photo: coinmarketcap