Bitcoin Higher, yet Market Can't Seem to Find Rally Catalyst
Dow Jones08-17 22:59
1059 ET - Bitcoin can't seem to sustain an elongated breakout from either the higher and lower side of its trading range in recent weeks. The cryptocurrency is up 0.8% to $63,573, but there are factors working against further upside, including the resumption of outflows from bitcoin ETFs by funds. "After a relatively positive start to August, U.S. spot bitcoin ETFs recorded approximately $390 million in net outflows during the week of August 10-14," says Linh Tran of XS.com in a note. "This is not enough to conclude that institutional investors are abandoning bitcoin, but it does suggest that ETF demand is no longer providing the same level of support as before."
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