Bitcoin ETFs See $242.6 Million Outflow Amid Middle East Conflict
Bitcoin ETFs – On Tuesday, Bitcoin ETFs in the U.S. experienced significant outflows totaling $242.6 million, the worst since September 3, according to SoSoValue data. This marks the end of an eight-day inflow streak as Bitcoin (BTC) dropped 6%, hitting a low of $60,300 amid escalating Middle East tensions.
Iran fired 200 ballistic missiles at Israel, following recent Israeli attacks on Hezbollah, escalating conflict in the region. This geopolitical unrest has rattled markets, erasing nearly all of Bitcoin’s gains since the U.S. Federal Reserve’s rate cut last month.
Losses Extend to Ether ETFs
Ether ETFs also saw outflows, with $48.5 million withdrawn, marking their worst day since September 23. Both BTC and ETH have struggled in early October, historically a strong month for cryptocurrencies.
FAQ
What caused the $242.6 million outflow from Bitcoin ETFs?
The outflow from Bitcoin ETFs was driven by escalating tensions in the Middle East, specifically Iran’s missile attacks on Israel, which created market uncertainty and led to a 6% drop in BTC prices.
How did the Middle East conflict impact Bitcoin’s price?
As tensions escalated in the Middle East, Bitcoin’s price dropped to $60,300, erasing nearly all gains made since the Federal Reserve’s interest rate cut last month.
How has Bitcoin performed in October so far?
Despite being dubbed “Uptober” for traditionally strong gains, Bitcoin has seen a rough start this month, losing 2.6% amid the geopolitical crisis in the Middle East.
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