14 Jun 24
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EddieJayonCrypto

 11 Jun 24

tl;dr

Bitcoin's value dropped to $67,900 on Tuesday, declining over 3.3% from its Monday peak. This coincided with negative flows in Bitcoin exchange-traded funds (ETFs) after 19 days of positive inflows, resulting in a net outflow of $64.9 million. The shifts have led to $101 million in crypto liquidatio...

Bitcoin's value dropped to $67,900 on Tuesday, declining over 3.3% from its Monday peak. This coincided with negative flows in Bitcoin exchange-traded funds (ETFs) after 19 days of positive inflows, resulting in a net outflow of $64.9 million. The shifts have led to $101 million in crypto liquidations, with a positive outlook on Bitcoin's future from financial figures despite the volatility.

According to data from Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) reported an outflow of $3 million. Similarly, the Invesco Galaxy Bitcoin ETF (BTCO) saw an outflow of $20.5 million, and the Valkyrie Bitcoin Fund (BRRR) experienced a depletion of $15.8 million. The Grayscale Bitcoin Trust (GBTC) noted the largest outflow, with $39.5 million exiting the fund. In contrast, BlackRock’s iShare Bitcoin Trust (IBTC) recorded an inflow of $6.3 million. Additionally, the Bitwise Bitcoin Fund (BITB) attracted $7.6 million on the same day.

Despite these gains, the total effect was a net outflow of $64.9 million across all ETFs. The last recorded net outflow day among Bitcoin ETFs was on May 10. These shifts have significantly impacted fund balances and market stability, resulting in $101 million in crypto liquidations over the last 12 hours. Of this, $94.43 million were from long positions, while short trades saw liquidations amounting to $6.57 million.

Despite the recent volatility, prominent financial figures maintain a positive outlook on Bitcoin’s future. Robert Kiyosaki, author of “Rich Dad Poor Dad,” advocates for Bitcoin as a strategic path to wealth. As the market processes these changes, the sentiment among cryptocurrency enthusiasts remains cautiously optimistic. Although the immediate future may involve further fluctuations, the enduring appeal of cryptocurrencies like Bitcoin continues to draw both seasoned and new investors.

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