Bitcoin, the largest cryptocurrency by market capitalization, has fallen below the psychological $60,000 mark. This drop coincides with the end of an 8-day inflow streak by US-based Bitcoin ETFs.
Bitcoin Price Decline
Over the past 24 hours, the largest cryptocurrency by market cap dropped more than 5% to trade at $59,190.79 as of 2:37 a.m. EST. This drop in BTC price comes after US spot Bitcoin ETFs ended their 8-day inflow streak. Data from SoSoValue shows that the funds recorded a net outflow of $127 million, with the majority of the capital withdrawn from Ark & 21Shares’ spot ETF, which suffered $101.97 million in outflows.
Traders Take A Hit
Over the past 24 hours, 87,405 traders were liquidated, amounting to a total of $318.46 million, according to on-chain monitoring platform Lookonchain. A whale holding a long position on BTC took a $12.6 million hit amidst the recent correction. Below is a quote from Lookonchain.
Analysts' Opinions
Analyst Rekt Capital believes that the current decline in Bitcoin may lead investors to think that the bull market is over, but the price of the cryptocurrency will soon resume its uptrend. Rekt Capital expressed this view in a recent post on X, stating: "Bitcoin will retrace deep enough to convince investors that the bull market is over, only to resume its uptrend soon after the pullback."
The recent decline in Bitcoin and the end of the ETF inflow streak have raised questions about the resiliency of the current bull market. Analysts, however, suggest that the market might soon return to growth despite the current fluctuations.
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