Bitcoin tests $ 93,000 level

Bitcoin BTC $75,286.83 Mezo Wrapped BTC -0.40% Market capitalization $0.1 billion VOL. 24 hours $1.12 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.

The decline in demand among institutional investors could be a key trigger for the drop, emphasizing the importance of ETFs for the stability of the cryptocurrency market.