Investors have started pulling funds out of U.S.-listed Bitcoin ETFs to the tune of $570 million, as Bitcoin dips below the psychological $100,000 mark.
Significant Withdrawals from Bitcoin ETFs
On January 8, Spot Bitcoin ETFs experienced outflows totaling $569.08 million, marking the second-largest daily net outflow since their inception. The Fidelity Wise Origin Bitcoin Fund recorded the highest single-day outflow of $258.7 million, accounting for a significant share of the day's total outflow.
Market in 'Greed' Mode
Over the past 24 hours, approximately $521.02 million was liquidated from the crypto market. Bitcoin's price dip to $92,500 was primarily driven by concerns over the U.S. Federal Reserve's monetary tightening policies. Despite this, the crypto fear and greed index remains in the 'Greed' territory, indicating continued investor optimism.
Uncertain Start to 2025
Some traders believe it's too early to draw conclusions about Bitcoin's volatility at the start of the year. The trading activity remains 'undecisive' as Bitcoin continues to test support and resistance levels, reaching a new monthly low.
The substantial withdrawals from Bitcoin ETFs and increased market volatility have made investors cautious. However, the overall sentiment remains relatively positive on the market.
