As a seasoned crypto investor with more than a decade of experience navigating these volatile markets, I have learned to weather the storm and remain cautiously optimistic amidst the current outflows from Bitcoin ETFs. The recent outflow of $288 million is concerning, but it’s essential to remember that these fluctuations are par for the course in our dynamic crypto landscape.
On Tuesday, as per data from Farside Investors, Bitcoin ETFs experienced a collective withdrawal of approximately $288 million.
Fidelity’s FBTC alone recorded more than $162 million worth of outflows.
Grayscale’s GBTC also suffered a staggering $50 million worth of outflows.
Ark’s ARKB and Bitwise’s BITB have surpassed the ten-million-dollar mark, standing at approximately $33.6 million and $25 million, each.
According to U.Today’s report, BlackRock’s Bitcoin ETF has experienced a second consecutive day of outflows since its launch in early January.
Earlier today, the price of the leading cryptocurrency collapsed below the $56,000 level.
Arthur Hayes, former CEO of BitMEX, has forecasted that the value of cryptocurrency might return to approximately $50,000.
In his latest blog post, he predicts that Bitcoin might fluctuate its ups oscillate between these price points and if it performs optimally, but if not, it may gradually trend downwards towards the $50,000 mark.
Simultaneously, he thinks that altcoins tend to delve “even further into the underworld,” which implies that the dominance of the Bitcoin market may grow even stronger.
However, Hayes has stressed that his bearishness is only temporary.
The U.S. Federal Reserve is expected to cut rates later this September.
Read More
- USD PHP PREDICTION
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- Avowed May Lack a Major Feature on Xbox Consoles
- EUR THB PREDICTION
- R-Rated Movies, Ranked by Box Office
- Shytoshi Kusama Breaks Silence on Crucial Role of LEASH Holders in Upcoming DAO
- Overwatch 2 Surprises Players With More Juno Backstory
- Market Expert Declares Ethereum’s Scaling Progress Unstoppable, Here’s Why
2024-09-04 11:19