BTC Dips to $105k as Bitcoin ETFs Record Massive Outflow

TL;DR

• Bitcoin is trading below $105,500 after losing 4.5% of its value in the last 24 hours.

• The poor performance comes as spot Bitcoin ETFs recorded over $500 million in outflow on Thursday.

Spot Bitcoin ETFs Lose $536M 

The cryptocurrency market has been extremely volatile over the last few days. Bitcoin, the leading cryptocurrency by market cap, has lost 4.5% of its value in the last 24 hours and is now trading below $105,500.

The bearish performance comes as U.S.-listed crypto exchange-traded funds (ETFs) recorded massive losses on Thursday, snapping a two-week streak of consistent inflows.

Data obtained from SoSoValue revealed that the 11 Bitcoin ETFs registered a net outflow of $536.4 million. Ether ETFs also recorded over $56 million in outflow over the last 24 hours.  

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $29 million in outflows on Thursday, while Fidelity’s FBTC lost $132 million. Grayscale’s converted GBTC product also lost $67 million, with smaller issuers such as Bitwise and VanEck also recording losses. 

The bearish performance comes as Bitcoin amid the ongoing U.S.–China trade tensions. The losses also saw leveraged traders continue to take a heavy hit in the market. Over $250 million worth of leveraged positions were wiped out from the market in the last 60 minutes, with altcoins also recording heavy losses.

Ether is trading below $3,800 once again, while BNB has lost 12% of its value. XRP risks dropping below $2 if the selloff continues, with SOL also eyeing the $150 low.