Bitcoin Market Update: Spot bitcoin ETFs shed $1.2 billion in 4th consecu
Market participants are closely monitoring Bitcoin, Ethereum, ETH following significant market movements. With prices $179.6 1.2%, The shortcut to crypto confidence: master the basics and get certified with Campus.
Breaking Down the Latest Development
The shortcut to crypto confidence: master the basics and get certified with Campus. spot bitcoin exchange-traded funds recorded another week of net outflows, extending their streak of negative flows to four straight weeks.
The spot bitcoin ETFs saw a combined $1. 22 billion in net outflows for the week ended Nov.
21, bringing four-week cumulative outflows to $4.
Market Implications and Price Action
34 billion, according to data from SoSoValue. The funds posted daily net inflows of $238.
47 million on Wednesday, but recorded outflows on the remaining trading days. Among the ETFs, BlackRock's IBIT saw $1.
09 billion in outflows for the week, its second-largest weekly outflow on record, trailing $1.
What Investors Need to Know
17 billion logged in the week ended Feb. The fund saw its largest daily net outflow of $523.
Last week's outflows coincided the largest crypto market correction to happen this cycle, with bitcoin falling to around $82,200 on Friday from Monday's $95,600, according to The Block's price page. The world's largest cryptocurrency is currently trading at $87,348, up 1.
Analysts told The Block today that while bitcoin is showing signs of recovery, the market structure remains "fragile.
Industry Expert Perspectives
" Vincent Liu, CIO at Kronos Research, indicated he expects bitcoin to consolidate within a range of roughly $85,000 to $90,000, noting that "liquidity is shallow and stops are being picked off. " Meanwhile, spot Ethereum ETFs saw $500.
25 million in weekly net outflows last week, marking their third straight week of outflows. The ether ETFs experienced a daily net inflow of $55.
71 million last Friday, but posted outflows on other days of the week.
Technical Outlook and Analysis
2 million in inflows last week, up from $46. Spot XRP ETFs — Canary's XRPC and Bitwise's XRP — brought in $179.
6 million in weekly inflows over the week, though the combined weekly total still trailed XRPC's single-day inflows of $243. Disclaimer: The Block is an independent media outlet that delivers news, research, and data.
As of November 2023, Foresight Ventures is a majority investor of The Block.
The Bottom Line
For investors and market participants, these developments around Bitcoin, Ethereum, ETH represent a significant shift in the cryptocurrency landscape. While market conditions remain dynamic, understanding these trends is crucial for making informed investment decisions. As always, conduct thorough research and consider your risk tolerance before making any trading decisions.
Story based on reporting from The Block. Analysis and commentary by CryptoPulse editorial team.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
