CDS Crypto News Bitcoin Price Slumps as ETF Withdrawals Continue: Market Analysts Predict $50K Drop
Crypto News

Bitcoin Price Slumps as ETF Withdrawals Continue: Market Analysts Predict $50K Drop

59
Bitcoin Price Slumps as ETF Withdrawals Continue Market Analysts Predict $50K Drop

Bitcoin Price Slumps as ETF Outflows Continue: Will a Drop to $50K Follow?

Bitcoin Price Slumps as ETF Outflows Continue: Will a Drop to $50K Follow?

As Bitcoin ETFs had a seven-day run of outflows, the cryptocurrency fell to lows of just over $55,000 on Friday morning. Experts warned of a possible further collapse to $50,000. According to CoinGecko statistics, the price of Bitcoin dropped to lows of $55,761 before rising to trade at its current price of $56,125, down 1% for the day. This indicates broader market trepidation and investors’ declining risk appetite.

Market analysts suggested that Bitcoin might be ready for a more significant fall shortly due to several variables, including persistent ETF withdrawals, wider economic worries, and technical signs. The Crypto Fear and Greed Index dropped to 22, suggesting extreme fear among investors, despite the fact that some see the current volatility as a possible opportunity.

Fidelity, Bitwise, and Grayscale ETFs Lead Massive $211M Bitcoin Outflows

Fidelity, Bitwise, and Grayscale ETFs Lead Massive $211M Bitcoin Outflows

The fall in Bitcoin coincides with a large withdrawal from cryptocurrency ETFs. According to statistics from SoSo Value, there were $211 million in total net outflows from Bitcoin spot ETFs on September 5, which was the longest outflow run since June. This was the sixth day in a row of outflows.

The largest loser of the day was Fidelity’s FBTC ETF, which had outflows of $149.5 million on September 5. Bitwise (BITB) and Grayscale Bitcoin Trust (GBTC) ETFs witnessed withdrawals of $23.2 million and $30 million, respectively. Ethereum ETFs suffered as well; on September 5, there were $152,700 in net outflows overall. It is noteworthy that in a single day, the net outflow from Grayscale’s (ETHE) ETF was $7.3895 million.

Investors appear very nervous, especially ahead of today’s US Non-Farm Payroll report and next week’s inflation update, with the Fed’s rate decision coming on 18th September,

David Morrison, Market Analyst at Trade Nation

For more up-to-date crypto news, you can follow Crypto Data Space.

Bitcoin Price Slumps as ETF Withdrawals Continue: Market Analysts Predict $50K Drop
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

5 Best Cryptocurrencies for 2024: Leading the Next Wave of Crypto Innovation

5 Best Cryptocurrencies for 2024: Leading the Next Wave of Crypto Innovation

Crypto Investors Eye Rollblock for 500x Returns as SHIB-like Surge Looms

Crypto Investors Eye Rollblock for 500x Returns as SHIB-like Surge Looms

Bittensor (TAO) Price Prediction: 2024-2030

In today’s crypto landscape, AI-focused projects continue to capture growing interest. Among...

EigenLayer (EIGEN) Price Prediction: 2024-2030

EigenLayer (EIGEN) Price Prediction: 2024-2030