Prices fell noticeably on Friday, driven by major BTC exchange-traded fund (ETF) outflows during the week and lower enthusiasm for crypto assets amid the current higher-for-longer interest rates narrative that continues. boosting the US dollar.
Bitcoin fell 3.5% to $63,665.8 at 09:07 ET (1307 GMT), the lowest level in more than a month. Despite the drop, the main cryptocurrency remained within the range of $60,000 to $70,000 seen in recent months.
Bitcoin ETFs See $900 Million in Weekly Outflows
US-listed spot Bitcoin ETFs recorded their fifth consecutive day of outflows on Thursday, with more than $900 million withdrawn so far this week.
According to data from SoSoValue, the 11 listed ETFs lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale's GBTC, which has seen frequent outflows since converting to an ETF in January, led the outflows with $53 million, followed by Fidelity's FBTC with $51 million.
BlackRock's IBIT, the largest ETF by assets, was the only product to record net inflows, gaining $1 million. Other ETFs did not record any significant net inflows or outflows.
This recent outflow activity is the worst since late April, when total net outflows reached $1.2 billion during the April 24-May 2 trading sessions. Capital inflows subsequently recovered, totaling more than $4 billion in the next 19 trading days, ahead of the current wave of capital outflows. Departures began on June 10.
Bitcoin prices have struggled in recent weeks due to $1 billion in sales from large holders, a strong US dollar, and a strong US tech index market.
Cryptocurrency prices: a sea of red
Altcoins followed Bitcoin prices into the red, with the No. 2 cryptocurrency falling 3% to $3,482.90 at the time of writing. Meanwhile, other major altcoins such as , and lost between 2% and 5%.
Among meme coins, they fell by 1.8% and 4.3%.
