News - Bitcoin slumps - crypto market loses ground

By Ted Maas

Bitcoin slumps - crypto market loses ground

Bitcoin (BTC)
Price update

Crypto investors take profits. Bitcoin and altcoin prices are plummeting. There are also massive outflows from ETFs.

Bitcoin price drops six percent to €58.670. Compared to the previous week, the leading cryptocurrency fell nearly 12 percent. Ethereum is down 9 percent on the day. With a current price of €3,000, Ether is down 19 percent from the previous week. Overall, the total market capitalization has fallen six percent to USD 2.5 trillion in the past 24 hours. Also BNB and Cardano, dropped ten percent.

At the same time, there were massive outflows from Bitcoin spot ETFs. The Grayscale GBTC recorded the largest outflow since its launch. More than USD 640 million worth of Bitcoin flowed out of the ETF yesterday. Blackrock's IBIT ETF recorded inflows totaling USD 451 million. Fidelity's second-largest Bitcoin ETF, however, saw the lowest ever inflows at USD 5.9 million. Overall, the daily balance was negative with a loss of USD 154 million.

Grayscale's ETF therefore remains the problem child among ETFs approved in January. Originally launched as a trust, it was converted into an ETF during the wave of approvals. Since then, Grayscale has been struggling with massive outflows. This is also due to the fact that people were able to "buy in" already than the rest. After last months gains, many investors left the ETF during the live going of the others.

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