Crypto market outflow hits $435 million as Bitcoin ETF volume recedes
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A large percentage of this flow is from the United States, and its YTD inflows are still at a record $13.6 billion.Explicitly, ETP trading volume went from $18 billion to $11.8 billion in one week. For a very long time, spot Bitcoin ETFs like after 71 days in the past week by outflows, suggesting a notable drop in demand. Some others, including Grayscale’s GBTC, equally registered outflows. For the past week, Bitcoin's price plummeted and had dropped as low as $64,000.
Like the trend for the past few months, Grayscale spot Bitcoin ETF is leading the outflows. It recorded its in nine weeks at $440 million. Amid the perceived drop in demand, new Bitcoin issuers have driven inflows to the niche. About two weeks ago, inflows went as high as $256 million but came down to only $226 million last week.The numerous outflows from these Bitcoin-linked products have triggered a drop in altcoins.
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