Prices fell significantly on Friday, led by substantial outflows from BTC exchange-traded funds (ETFs) during the week and a decline in enthusiasm for crypto assets amid continued rises in rates. interest which continues to support the American dollar.
The was trading down 3.5% at $63,665.8 at 09:07 ET (13:07 GMT), the lowest level in more than a month. Despite the decline, the premier cryptocurrency has remained squarely within the $60,000 to $70,000 range seen over the past few months.
Bitcoin ETFs See Weekly Outflows of $900 Million
U.S.-listed Bitcoin ETFs recorded their fifth straight day of outflows on Thursday, with more than $900 million withdrawn since the start of the week.
According to SoSoValue data, the 11 ETFs listed lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has seen frequent withdrawals since its conversion to an ETF in January, led withdrawals with $53 million, followed by Fidelity’s FBTC with $51 million.
BlackRock’s IBIT (NYSE:), the largest ETF by assets, was the only product to see net inflows, with a gain of $1 million. Other ETFs did not experience significant net inflows or outflows.
These recent capital outflows are the largest since late April, when net capital outflows reached $1.2 billion during the April 24-May 2 trading sessions. Inflows then resumed, adding more than $4 billion over the next 19 trading days, before the current wave of outflows began on June 10.
Bitcoin’s price has struggled in recent weeks due to billion-dollar sales by large holders, the strength of the U.S. dollar and the strength of the U.S. technology index market.
Cryptocurrency prices: A sea of red
Altcoins followed bitcoin’s price into the red, with the second-largest cryptocurrency losing 3% to $3,482.90 at the time of writing. At the same time, other major altcoins such as , and lost between 2% and 5%.
Among the same coins, fell 1.8% and 4.3%.
