The cryptocurrency market is facing significant downturns, with Bitcoin trading at critical levels around $89,000, a far cry from its $108,000 peak in January. The recent sell-off has triggered a wave of outflows from U.S. spot Bitcoin ETFs, marking the fifth consecutive day of withdrawals. On February 24, $517 million was pulled from these funds, the largest outflow in seven weeks. Leading Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund, saw massive withdrawals of $159 million and $247 million, respectively. As a result, Bitcoin’s price took a hit, dropping 5% to $91,000 before falling further to $89,175, reflecting a 2.25% decline in the last hour.
The Impact of ETF Outflows
The sustained outflows from Bitcoin ETFs are contributing heavily to the downward pressure on Bitcoin’s price. Many of…
