tl;dr
The crypto market experienced significant sell-offs as Bitcoin spot ETFs saw a fifth consecutive day of negative flows, with $287.8 million in net outflows on September 3. The Grayscale Bitcoin Trust (GBTC) ETF reported a single-day net outflow of $50.4 million, while Fidelity's FBTC saw an even lar...
Bitcoin spot ETFs experienced their fifth consecutive day of negative flows on September 3, resulting in total outflows of $287.8 million. The Grayscale Bitcoin Trust (GBTC) ETF reported a net outflow of $50.4 million, while Fidelity's FBTC saw an even larger outflow of $162.3 million.
Simultaneously, Ethereum spot ETFs recorded a net outflow of $47.4 million, with Grayscale's (ETHE) ETF experiencing an outflow of $52.3 million, partially offset by Fidelity's (FETH) with an inflow of $4.9 million. The crypto market faced sell pressure, causing Bitcoin to drop 4.1% to $56,600 and Ethereum to slump 4.3% to $2,400 over the past 24 hours. This led to total market liquidations of $198.85 million, with long positions accounting for $168.38 million and short positions for $30.47 million.
Analysts anticipate short-term stabilization but caution against a breakdown below $56.5K for Bitcoin.
As the crypto market plunged, Bitcoin spot ETFs saw their fifth consecutive day of negative flows, totaling $287.8 million in net outflows on September 3. The Grayscale Bitcoin Trust (GBTC) ETF reported a single-day net outflow of $50.4 million, while Fidelity's FBTC saw an even larger outflow of $162.3 million.
Simultaneously, Ethereum spot ETFs recorded a total net outflow of $47.4 million, with Grayscale's (ETHE) ETF experiencing an outflow of $52.3 million, partially offset by Fidelity's (FETH) with an inflow of $4.9 million. The crypto market faced considerable sell pressure, resulting in Bitcoin dropping 4.1% to $56,600 and Ethereum slumping 4.3% to $2,400 over the past 24 hours. This led to substantial market liquidations totaling $198.85 million across the whole crypto market, with long positions accounting for $168.38 million and short positions for $30.47 million.
Kristian Haralampiev, Structured Products Lead at Nexo, stated that the crypto market drop was likely triggered by a sharp $300 billion Nvidia selloff, with investors questioning the potential impact on tech equities and digital assets. Haralampiev added that mining profitability has sharply declined, leading miners to strategically sell their Bitcoin holdings, potentially driving market prices up and ultimately aiding in price recovery.
Analysts at Fairlead Strategies suggest that short-term oversold conditions are in place, indicating potential stabilization for a few days, but caution that a breakdown below around $56.5K would support a short-term bearish bias. They further suggested that Bitcoin’s intermediate-term correction remains in force, with secondary support at $49.3K.
More about United States Steel Corporation
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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Contact: 800-864-7000
Current Price: $15.55
Change: $0.2 ( 2.29%)
52-week Range: $7.57 - $25.31
Dividend Yield: 0.034
Market Cap: $16.85 billion
Price-to-Earnings Ratio: 45.45
EPS: -$0.617
Forward P/E: -0.178
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More about Tanzanian Royalty Exploration Corp
Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.
ENERGY & TRANSPORTATION
GOLD AND SILVER ORES
Market Cap: 109.25M
Dividend Yield: None
Beta (5Y Monthly): 0.127
EPS: -0.0306
Volume: 36.72M
P/E Ratio: 1.38
Forward Dividend & Yield: 2.549 / 0.625