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    Home » 545 Billion Exit from Bitcoin ETF How Far Can the Price Go
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    545 Billion Exit from Bitcoin ETF How Far Can the Price Go

    By adminJun. 22, 2024No Comments2 Mins Read
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    545 Billion Exit from Bitcoin ETF How Far Can the Price Go
    545 Billion Exit from Bitcoin ETF How Far Can the Price Go
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    According to the latest data from Farside, the US Bitcoin ETF saw a outflow of $54.5 billion this week, indicating a growing cautiousness among investors. These outflows highlight the prevailing bearish sentiment in the market. The withdrawals occurred over the past week, with the lowest single-day outflow of $10.59 billion on Friday, October 5th. The largest outflows on Friday were from Fidelity’s FBTC, with $4.48 million, followed by Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB), with outflows of $3.42 million and $2.88 million respectively.

    The potential for BTC to drop below $60,000
    The significant outflows from Bitcoin ETFs, coupled with weak trading activity, have sparked speculation of a potential price decline. Noted cryptocurrency analyst Ali Martinez pointed out that Bitcoin has fallen below the +0.5σ MVRV price range of $67,890, which could trigger a correction to $54,930.

    The MVRV is an indicator that measures the ratio between the market value and realized value of an asset, showing the changing correlation over time.

    The large outflows from ETFs and the sluggish market performance have intensified investor concerns. Despite the possibility of temporary declines in the market, some analysts remain optimistic about the long-term potential of Bitcoin, expecting it to recover and continue to rise after this period of volatility.

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