Bitcoin Price Holds Steady Despite Heavy ETF Outflows
Dow Jones10-12 19:47
1146 GMT - The price of bitcoin rose last week despite five consecutive sessions of heavy outflows from exchange-traded funds totaling $679 million, analysts at crypto data platform CoinMarketCap say. Its data found that 0.6% of total assets were liquidated last week, with Fidelity's Bitcoin ETF posting $380.3 million of redemptions. "The price rose 1% regardless because the selling was met by short covering, not by new spot buyers," says Alice Liu, CoinMarketCap research head. "That is a thinner floor than $84,000 looks." Bitcoin is 0.3% lower at $83,304.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments