The price of bitcoin has dropped significantly in recent days, from $82,000 to around $76,000 mark. A 6% drop after a robust surge from $60,000 could seem to be a typical pullback at first glance. Price action may indicate one thing, but underlying market data says something else entirely.
There are three signs that are converging, and they suggest that the market is worried about a further decline in prices. Since May 7, according to SoSoValue statistics, the eleven U.S.-listed spot bitcoin ETFs have lost more than $1.5 billion.
For the second day in a row, daily outflows have surpassed $600 million, with Monday’s total reaching $648 million, the largest single-day total since January 29. The same funds lost $635 million to investors on Tuesday. With redemptions running at a faster rate than inflows, the net outflow since May 1 has been $396 million. Such massive persistent institutional selling is unusual for routine corrections.
Fears of a Broader Market Correcti
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