Bitcoin Briefly Dips Below $90k as BTC ETFs See $480 Million Outflows

TL;DR

• BTC is down 2.5% in the last 24 hours and briefly dropped below the $90k level.

• The bearish performance comes amid outflows from spot Bitcoin ETFs.

Spot Bitcoin ETF Outflow Pushes BTC Below $90k

The cryptocurrency market had an excellent start to the week, with Bitcoin retesting the $94k resistance level. However, it is now undergoing a correction as most altcoins have lost 3% or more of their value in the last 24 hours.

Bitcoin, the leading cryptocurrency by market cap, is down 2.5% since Wednesday and briefly dropped below $90k. At press time, BTC is trading at $90,321, with volatility still affecting the market performance.

The bearish performance comes as spot bitcoin ETFs in the U.S. saw over $486 million in outflows, with losses spilling over to their second-straight day for the first time this year.

With Bitcoin underperforming, altcoins are also in the red. Ether, the leading altcoin by market capitalization, has lost 4% of its value in the last 24 hours and is currently trading at $3,120. XRP has dropped to the $2.11 level after losing 7.5% of its value.

Thanks to the bearish performance, the total cryptocurrency market cap has now dropped below $3.1 trillion.