'Enormous Outflows' From Largest Bitcoin ETF May Have Triggered BTC Crash
— Miss coindesk, Lunde wrote, Outflows, New york stock exchange, Crypto, Etfs actively add, Largest net inflows last week since, Seemingly benefitting, Bito, Weekend — 1 min read
The world's largest bitcoin (BTC) spot exchange-traded fund lost half of its assets under management last Friday. The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoins on Friday, the most severe redemption in a single day since the fund made its debut on the Canadian Stock Exchange in April 2021. The outflows mean that the fund had to sell about $500 million in BTC at Friday’s price, adding to the selling pressure in an already shaky crypto market. Bitcoin dropped below $20,000 on Saturday, tumbling to as low as $17,678, the weekend's price action also marked the first time that the largest cryptocurrency had fallen below its previous cycle's all-time high, notched in December 2017. Source