Cryptocurrency down 16% from its peak as net fund flows turn negative
Bitcoin has fallen 16 per cent from its all-time high last week, as the investor flows into new stock market funds that had driven a huge rally this year go into reverse. The world’s largest cryptocurrency, which hit $73,800 last Thursday, dropped as low as $60,760 on Wednesday before recovering to just under $64,000.
“There aren’t any fundamentals to bitcoin which give an anchor to the price, which makes it more vulnerable than other assets to major swings,” he added. “There is nothing there that you can use as a base for a valuation.” The flow of money into the new ETFs since January has been tempered by consistent outflows at Grayscale, which has had withdrawals of more than $12bn since the Securities and Exchange Commission approved it to convert its bitcoin trust into an ETF.
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