Bitcoin Falls Below $64K Following $900M in ETF Outflows

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(CoinDesk)

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Bitcoin fell to $63,500 on the European morning, falling to its lowest level in more than a month. This is the first time BTC has fallen below $64,000 since mid-May. At the time of writing, the Bitcoin price was around $63,900, down 3.5% in the last 24 hours. The CoinDesk 20 Index (CD20), a measure of the broader digital asset market, fell just under 2.3%, while ETH fell 2.25% to $3,500 and SOL fell almost 3.8% to $132.24.

Spot bitcoin ETFs in the U.S. recorded a fifth consecutive day of outflows on Thursday, bringing their total losses for the week to $900 million, the highest outflow activity since late April. Data tracked by SoSoValue shows that 11 listed ETFs lost $140 million on Thursday, with trading volume of $1.1 billion. Grayscale’s GBTC, which has seen mostly outflows since its conversion to an ETF in January, ranked first with $53 million, followed by Fidelity’s FBTC with $51 million. BlackRock’s IBIT, the largest ETF by assets, was the only product to generate net inflows, adding $1 million. Others saw zero net change.

Standard Chartered is setting up a spot trading desk for Bitcoin and Ethereum, Bloomberg reported Friday. The report, based on sources familiar with the matter, stated that the London-based desk will soon become operational and will be part of the bank’s foreign exchange trading unit. Standard Chartered will be one of the first global banks to enter spot cryptocurrency trading, although others such as Goldman Sachs have been trading crypto derivatives for several years. Standard Chartered’s involvement in cryptocurrency is now well established as a backer of digital asset custodian Zodia Custody and its exchange arm Zodia Markets.

Painting of the Day

(Loyalty)

The chart shows that the United States and other advanced and major emerging economies are still in the late expansion phase of the business cycle and have not yet entered a recession.

Therefore, some analysts are predicting another rally in Bitcoin before the business cycle turns into a recession, causing widespread risk aversion.

Source: Sadakat

-Omkar Godbole

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