Hassan Maishera
TL;DR
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The outflow of funds from spot Bitcoin ETFs continues negatively impacting BTC’s price.
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BTC is up 1% in the last 24 hours but trades just above $57k per coin.
BTC Up 1% But Trades Just Above $57k
The cryptocurrency market is showing signs of recovery following its poor performance this week. Bitcoin, the number one cryptocurrency by market cap, is up 1% in the last 24 hours.
However, despite the promising performance, it is still trading below $57k per coin. At press time, Bitcoin’s price stands at $57,158. The positive performance comes despite the continued funds outflow from U.S. spot Bitcoin exchange-traded funds (ETFs).
According to SoSoValue, spot Bitcoin ETFs in the United States saw $37.29 million exit the products on Wednesday. Grayscale’s GBTC led the pack, with $34.25 million in net outflows. In second place is Fidelity’s FBTC, which also recorded $7.59 million in net outflows, while VanEck’s HODL saw $4.91 million leave the fund.
BlackRock’s IBIT, the largest spot bitcoin ETF, recorded zero flows on Wednesday. Seven other ETFs also saw zero flows yesterday. However, Bitwise’s BITB was the only spot Bitcoin ETF to see net inflows, adding $9.46 million to its fund.
With Bitcoin up 1%, altcoins are also showing signs of recovery. Ether is up 1.3% in the last 24 hours and trades above $2,400 per coin. Solana’s SOL is the best performer amongst the top 10 cryptocurrencies by market cap, up 2.5%.
Despite the improved performances, the total cryptocurrency market cap remains below $2 trillion. However, if the bulls take complete control of the market, it could soon cross the $2 trillion mark.
