Hassan Maishera
TL;DR
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BTC is down 2.5% in the last 24 hours and is now trading above $101k.
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The leading cryptocurrency briefly dropped below the $100k mark on Tuesday as institutional demand declined.
BTC Slips Below $100k
The cryptocurrency market has been bearish since Bitcoin hit an all-time high of $126k a month ago. Bitcoin has lost 10% of its value in the last 24 hours and briefly touched the $99k level on Tuesday, its lowest price since June.
The bearish performance affected altcoins, with Ether, XRP, SOL, BNB, and other leading altcoins also recording losses in recent weeks. Bitcoin and Ether’s poor performance comes amid declining interest from institutional investors.
Data obtained from SoSoValue reveals that spot bitcoin ETFs recorded a net outflow of $577.74 million, the largest single-day outflow since Aug. 1. SoSoValue added that Fidelity's FBTC saw $356.6 million exit the fund, followed by Ark & 21Shares' ARKB saw $128 million in outflows. Finally, Grayscale's GBTC saw $48.9 million worth of outflows.
Yesterday’s performance extended the outflow streak of the spot Bitcoin ETFs to five days, with $1.9 billion recorded in outflow during that period.
In addition to that, spot Ethereum ETFs recorded net outflows of $219.37 million on Tuesday, led by $111 million in net outflows from BlackRock's ETHA. The ETFs from Grayscale and Fidelity also reported outflows.
The declining interest from institutional investors continues to affect the prices of Bitcoin and Ether, with $250 billion wiped from the cryptocurrency market on Tuesday.
