Bitcoin is still struggling to reclaim its all-time high Despite an impressive turnaround in the past day. No doubt, the jump from $68,000 to $60,000 has reignited the confidence of the market. However, the crypto continues to struggle in its quest for an all-time record high.
Bitcoin ETFs continue to be hit by outflows
In the past few months. Spot Bitcoin ETFs The inflow of money has been phenomenal, with record-breaking numbers. BlackRock, for example, received a lot of coins within a very short period. This contributed to Bitcoin’s run up to all-time records.
Outflows are increasing as investors get used to Spot Bitcoin ETFs. These outflows are mainly from Grayscale Spot Bitcoin ETF As investors leave the fund because of their high charges. In January, the same thing happened and caused a market crash.
The ETF net flow has been heavily dominated in recent days by the outflows. Coinglass data shows that the net flow first became negative on Monday, March 18 with $154.3 millions flowing out. Data from Coinglass shows that net flows first turned negative at the start of the week on March 18, with $154.3 million flowing out of funds. next On March 19, an additional $326.2 millions left the fund, resulting in a higher negative flow than the day before. On March 20, the net flow was negative again, as $261.5 millions left the fund.
It is also the first time that Spot Bitcoin Exchange Traded Funds (ETFs) have experienced three days in a row of negative flows. The previous week saw daily positive inflows. new all-time high of $1.04 billion on March 12.
BTC Price Buckles under Sell Pressure
Bitcoin has been under pressure to sell since January after the United States Securities and Exchange Commission gave its green light. Spot Bitcoin ETFs The trading. For trading. BTC price Also, there were crashes that caused the price to drop as low as $398,000.
The Bitcoin price began to rise after Grayscale’s outflows had slowed, allowing the demand to catch up to the supply. Grayscale is leading the way in the current outflows, and BTC may continue to fall until these outflows stop.
Bitcoin would have a long runway if the current trend were to change. After the January outflows stopped, a similar rise would push the Bitcoin price easily past $75,000 – a new record high.
Now, BTC The stock is now trading at a value of $67.320. This represents a growth rate of 5.51% in the last day.
Source:| Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, with the featured image taken from Inside Bitcoins
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