{"id":626161,"date":"2024-06-24T20:30:56","date_gmt":"2024-06-24T20:30:56","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626161"},"modified":"2024-06-24T16:50:32","modified_gmt":"2024-06-24T16:50:32","slug":"true-correction-underway-over-500-million-exits-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/true-correction-underway-over-500-million-exits-bitcoin-etfs\/","title":{"rendered":"True Correction Underway? Over $500 Million Exits Bitcoin ETFs \u2014 Coinshares"},"content":{"rendered":"

Recent data<\/a> from CoinShares points to a significant shift in investor sentiment regarding Bitcoin, marked by a substantial $544.1 million net outflow from US spot Bitcoin ETFs in the last week.<\/p>\n

According to James Butterfill, a leading analyst at CoinShares, this significant amount of outflow highlights a “true correction<\/a> is underway” as this trend extends beyond a single week, with a total of over $1.1 billion flowing out in the past two weeks alone.<\/p>\n

Related Reading: Is Bitcoin\u2019s Rally Over? New Insights from CryptoQuant Predict a Market Downturn<\/a><\/div>\n

Global Outflows Amidst Economic Uncertainty<\/h2>\n

James Butterfill attributes this withdrawal to a lack of confidence among investors regarding anticipated interest rate cuts<\/a>. Commenting on the consistent outflows, Butterfill noted:<\/p>\n

We believe this is in reaction to the pessimism amongst investors for the prospect interest rate cuts by the FED this year.<\/p><\/blockquote>\n

Notably, the US was not alone in experiencing these outflows; significant sums were also withdrawn from funds based in Canada, Germany, and Hong Kong. Contrarily, funds based in Brazil and Switzerland witnessed net inflows, indicating a varied global response to the current economic climate<\/a>.<\/p>\n

\"Crypto
Crypto asset flows by country. | Source: Coinshares<\/a><\/figcaption><\/figure>\n

While Bitcoin faced the brunt of the withdrawals, Ethereum also saw notable outflows, with $58 million leaving Ethereum-based investment products globally. This occurred despite the anticipation surrounding new issuers’ S-1 registration filings with the SEC, hinting at potential launches.<\/p>\n

However, not all cryptocurrencies suffer from these conditions. Altcoins such as Solana, Litecoin, and Polygon experienced net inflows, suggesting that some investors are viewing the current market weaknesses<\/a> as potential buying opportunities, according to Butterfill.<\/p>\n

\"Crypto
Crypto asset flows. | Source: Coinshares<\/a><\/figcaption><\/figure>\n

Bitcoin Market Turbulence and Optimistic Forecasts<\/h2>\n

Amidst these financial shifts, the broader crypto market<\/a> has felt the impact, with Bitcoin’s price falling by 4.7% in the past 24 hours and 6.6% over the past week, currently trading at around $61,186. This downturn has had a cascading effect on traders, with significant liquidations occurring in the market.<\/p>\n

\"Bitcoin
BTC price is moving downwards on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

According to Coinglass<\/a>, 91,772 traders were liquidated in the past 24 hours, with total liquidations amounting to $308.97 million<\/a>. Of this, Bitcoin traders alone faced $123.35 million in losses.<\/p>\n

\"Bitcoin
Bitcoin liquidations. | Source: Coinglass<\/a><\/figcaption><\/figure>\n

Amid market volatility, Jack Mallers, CEO of Strike, a global Bitcoin application, maintains a bullish outlook on Bitcoin’s future.<\/p>\n

In discussion<\/a> with analyst Scott Melker, Mallers expressed confidence that despite current price fluctuations, Bitcoin could reach between $250,000 and $1 million in the coming cycle.<\/p>\n

Related Reading: Survival of the Fittest: Here\u2019s How Bitcoin\u2019s Next Rally Hangs on Miner Capitulation<\/a><\/div>\n

He attributes this potential growth<\/a> to the ongoing dollar depreciation and sees Bitcoin as a robust hedge against currency debasement.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent data from CoinShares points to a significant shift in investor sentiment regarding Bitcoin, marked by a substantial $544.1 million net outflow from US spot Bitcoin ETFs in the last week. According to James Butterfill, a leading analyst at CoinShares, this significant amount of outflow highlights a “true correction is underway” as this trend extends beyond a single week, with a total of over $1.1 billion flowing out in the past two weeks alone. Related Reading: Is Bitcoin\u2019s Rally Over? New Insights from CryptoQuant Predict a Market Downturn Global Outflows Amidst Economic Uncertainty James Butterfill attributes this withdrawal to a lack of confidence among investors regarding anticipated interest rate cuts. Commenting on the consistent outflows, Butterfill noted: We believe this is in reaction to the pessimism amongst investors for the prospect interest rate cuts by the FED this year. Notably, the US was not alone in experiencing these outflows; significant sums were also withdrawn from funds based in Canada, Germany, and Hong Kong. Contrarily, funds based in Brazil and Switzerland witnessed net inflows, indicating a varied global response to the current economic climate. While Bitcoin faced the brunt of the withdrawals, Ethereum also saw notable outflows, with $58 million leaving Ethereum-based investment products globally. This occurred despite the anticipation surrounding new issuers’ S-1 registration filings with the SEC, hinting at potential launches. However, not all cryptocurrencies suffer from these conditions. Altcoins such as Solana, Litecoin, and Polygon experienced net inflows, suggesting that some investors are viewing the current market weaknesses as potential buying opportunities, according to Butterfill. Bitcoin Market Turbulence and Optimistic Forecasts Amidst these financial shifts, the broader crypto market has felt the impact, with Bitcoin’s price falling by 4.7% in the past 24 hours and 6.6% over the past week, currently trading at around $61,186. This downturn has had a cascading effect on traders, with significant liquidations occurring in the market. According to Coinglass, 91,772 traders were liquidated in the past 24 hours, with total liquidations amounting to $308.97 million. Of this, Bitcoin traders alone faced $123.35 million in losses. Amid market volatility, Jack Mallers, CEO of Strike, a global Bitcoin application, maintains a bullish outlook on Bitcoin’s future. In discussion with analyst Scott Melker, Mallers expressed confidence that despite current price fluctuations, Bitcoin could reach between $250,000 and $1 million in the coming cycle. Related Reading: Survival of the Fittest: Here\u2019s How Bitcoin\u2019s Next Rally Hangs on Miner Capitulation He attributes this potential growth to the ongoing dollar depreciation and sees Bitcoin as a robust hedge against currency debasement. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":626169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,9960,629,1119,78790,16180,6664,10923,8379,89583],"class_list":["post-626161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etfs","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-coinshares","tag-crypto","tag-crypto-market","tag-etfs","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nTrue Correction Underway? 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Over $500 Million Exits Bitcoin ETFs \u2014 Coinshares"}]},{"@type":"WebSite","@id":"https:\/\/ktsl888.com\/#website","url":"https:\/\/ktsl888.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/ktsl888.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ktsl888.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ktsl888.com\/#organization","name":"NewsBTC","url":"https:\/\/ktsl888.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/logo\/image\/","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/ktsl888.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/d19b5f18d945fb75e71771134d0e2500","name":"Samuel Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"True Correction Underway? 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