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Bitcoin below US$68,000 thanks to bad data for ETFs

Bitcoin below US$68,000 thanks to bad data for ETFs

Although the immediate future may bring new fluctuations, the enduring appeal of cryptocurrencies like Bitcoin continues to capture the interest of both experienced and novice investors.

Robert Kiyosaki, author of “Rich Dad, Poor Dad”, sees Bitcoin as a viable strategy to achieve wealth

He bitcoin price drops drastically untilos $67,690, which represents a cut of more than 3.3% from its Monday high of approximately $71,200. Ethereum remains above US$3,500, with slight falls in the last 24 hours.

This decline coincided with significant changes in Bitcoin exchange-traded funds (ETFs), that experienced negative inflows after 19 consecutive days of positive inflows. The Bitcoin price drop resulted in liquidations of more than $100 million. According to data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw an outflow of $3 million, the Invesco Galaxy Bitcoin ETF (BTCO) saw an outflow of $20.5 million, and the Valkyrie Bitcoin Fund (BRRR) reduced its funds by $15.8 million.

The Grayscale Bitcoin Trust (GBTC) was the hardest hit, with an outflow of $39.5 million. In contrast, BlackRock’s iShare Bitcoin Trust (IBTC) attracted $6.3 million and the Bitwise Bitcoin Fund (BITB) earned $7.6 million on the same day.

Bitcoin: what the market analyzes

Despite these inflows, the total effect was a net outflow of $64.9 million across all ETFs, with the last record of net outflows being on May 10. These movements have significantly impacted fund balances and market stability, causing cryptocurrency liquidations worth a total of $101 million in the last 12 hoursof which $94.43 million came from long positions and $6.57 million from short positions.

Despite the recent volatility, prominent figures in the financial world continue to show optimism regarding the future of Bitcoin. Robert Kiyosaki, author of “Rich Dad, Poor Dad,” He sees Bitcoin as a viable strategy to achieve wealth. As the market digests these changes, sentiment among cryptocurrency enthusiasts remains cautiously optimistic.

Although the immediate future may bring new fluctuations, the enduring appeal of cryptocurrencies like Bitcoin continues to capture the interest of both experienced and novice investors.

Source: Ambito

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