Bitcoin Price Falls Under $64K After $900 Million Pulled from ETFs

Bitcoin Price Dips Below $64K as ETFs See $900M Outflows

Bitcoin Price– During the European morning, Bitcoin dropped to its lowest level in over a month, falling to $63,500. This marks the first time BTC has dipped below $64,000 since mid-May. As of the latest update, the bitcoin price hovers around $63,900, reflecting a 3.5% decline over the past 24 hours.

The CoinDesk 20 Index (CD20), which measures the broader digital asset market, has also declined by just under 2.3%. Ethereum (ETH) is down 2.25% at $3,500, while Solana (SOL) has dropped nearly 3.8% to $132.24.

In the U.S., spot bitcoin ETFs experienced their fifth consecutive day of outflows on Thursday, totaling $900 million for the week. This outflow activity is the highest recorded since late April. Data from SoSoValue indicates that the 11 listed ETFs collectively lost $140 million on Thursday, with total trading volumes reaching $1.1 billion.

Grayscale’s GBTC, which has predominantly seen outflows since its conversion to an ETF in January, led with $53 million in outflows, followed by Fidelity’s FBTC at $51 million. BlackRock’s IBIT, the largest ETF by assets held, was the only product to see net inflows, adding $1 million. The remaining ETFs saw no net change in flows.

trending crypto chart today

• The chart shows the U.S. and other developed and major emerging economies are still in a late expansion stage of the business cycle and not yet in recession.
• Hence, some analysts foresee another leg higher in bitcoin before the business cycle rolls over into recession, causing widespread risk aversion.
• Source: Fidelity

– Omkar Godbole

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