tech
Bitcoin ETFs see record investor flight as the cryptocurrency hits lowest levels since 2024
Investors have pulled $651 million from bitcoin ETFs so far this week, per SoSoValue.
TL;DR
- U.S. spot bitcoin ETFs have seen $6.4 billion in net outflows in the last 30 days, the largest since their 2024 launch.
- Bitcoin has fallen below $60,000, its lowest level since October 2024.
- Institutional investors are reducing risk exposure due to market uncertainty and higher rates.
- Competition from AI, SpaceX IPOs, and prediction markets is drawing speculative capital.
- The CLARITY Act, a potential crypto market catalyst, faces delays in Congress.
- A bitcoin sell-off was initiated by a treasury firm selling a portion of its holdings.
- Strategy's preferred stock has seen a record drop.
- Despite the decline, bitcoin's volatility is lower than in past bear markets due to increased institutionalization and liquidity.