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Bitcoin Drops to $68,000; as ETFs in a Negative Flow After 19 Days

Early Tuesday, Bitcoin’s value dropped to $67,900. This is a 3.3% drop from Monday’s peak of $71,200.

This drop matched with Bitcoin exchange-traded funds (ETFs) experiencing negative flows after 19 days of positive inflows.

Bitcoin price chart showing a significant drop
Source: Coinbackyard

Over $100 Million in Liquidations as Bitcoin Drops Price

Data from Farside Investors shows the Fidelity Wise Origin Bitcoin Fund (FBTC) had a $3 million outflow. Invesco Galaxy Bitcoin ETF (BTCO) saw $20.5 million outflow, and Valkyrie Bitcoin Fund (BRRR) lost $15.8 million. 

Grayscale Bitcoin Trust (GBTC) faced the largest outflow, with $39.5 million exiting. 

Conversely, BlackRock’s iShare Bitcoin Trust (IBTC) saw a $6.3 million inflow, and Bitwise Bitcoin Fund (BITB) attracted $7.6 million. 

Despite these gains, net outflows totaled $64.9 million across all ETFs, with the last net outflow day on May 10. 

These shifts caused $101 million in crypto liquidations over the last 12 hours. Of this, $94.43 million were from long positions, and $6.57 million from short trades. 

Positive Outlook Amid Volatility 

Despite recent volatility, financial figures remain optimistic about Bitcoin’s future. Robert Kiyosaki, author of “Rich Dad Poor Dad,” advocates for Bitcoin as a strategic wealth path. 

“Making millions as an entrepreneur is hard. Bitcoin does the hard work for me,” Kiyosaki said. 

Cautious Optimism Among Crypto Enthusiasts 

As the market adjusts, cryptocurrency enthusiasts remain cautiously optimistic even with the Bitcoin drops. Though further fluctuations may occur, Bitcoin’s enduring appeal continues to attract both seasoned and new investors.

June 11, 2024 at 10:45 am

Updated June 11, 2024 at 10:45 am

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