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Bitcoin Plummets to Monthly Low Amid Massive ETF Outflows
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Bitcoin experienced a sharp decline over the past 12 hours, reaching a monthly low of $64,000, primarily due to increased outflows from spot ETFs.
At one point, the crypto market lost over $100 billion as many altcoins also saw significant drops.
Bitcoin’s Decline Last week, Bitcoin attempted several times to break through the $70,000 mark, especially after favourable US CPI data on Wednesday boosted its price from below $67,000 to $70,000 within minutes. However, the surge was short-lived as the US Federal Reserve announced it would not cut interest rates, leading to a sharp price drop. By Friday evening, Bitcoin had fallen by $5,000 to $65,000.
The weekend brought some stability with Bitcoin hovering around $66,000. Monday started quietly, with an attempted rise to $67,000. However, this attempt failed, resulting in a further drop to a monthly low of $64,000 and nearly $500 million in liquidations.
These price drops coincided with ETF outflows amounting to $145.9 million.
Bitcoin’s market cap has fallen below $1.3 trillion, while its dominance over altcoins has increased by 0.7% overnight to 52.1%.
Altcoins Suffer Bitcoin’s increased dominance amid its price correction has led to even steeper declines for altcoins. SHIB, UNI, and WIF, among others, have each dropped by around 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche, and Chainlink are also experiencing significant losses, with DOT nearing a break below $6. ETH and BNB are also down.
XRP stands out as the only large-cap altcoin to gain, rising to just over $0.5 during this market-wide correction.
The total crypto market cap has fallen below $2.5 trillion, shedding roughly $100 billion in the past day.
Source: QuantifyCrypto
At press time, Bitcoin is trading at $65,528, down 0.41% in the 24 hours and 2.55% in the 7 days.
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