True Correction Underway? Over $500 Million Exits Bitcoin ETFs — Coinshares
Summary
Investor sentiment towards Bitcoin has shifted, with a $544.1 million net outflow from US spot Bitcoin ETFs in the last week, totaling over $1.1 billion in the past two weeks. Global outflows are attributed to investor uncertainty about anticipated interest rate cuts. Ethereum also saw notable outflows, while altcoins like Solana, Litecoin, and Polygon experienced net inflows. Bitcoin's price fell by 4.7% in the past 24 hours and 6.6% over the past week, currently trading at around $61,186, leading to significant liquidations. Despite this, CEO of Strike, Jack Mallers, remains optimistic, predicting Bitcoin could reach between $250,000 and $1 million in the coming cycle due to ongoing dollar depreciation.
