Bitcoin price surges to $99K hours after record Bitcoin ETF outflow

The post Bitcoin price surges to $99K hours after record Bitcoin ETF outflow appeared on BitcoinEthereumNews.com.

Bitcoin’s price surge toward the $100,000 mark on December 20 appeared bittersweet for investors in the US spot Bitcoin exchange-traded funds (ETFs). While Bitcoin briefly exceeded $99,000 earlier in the day, the positive price movement contrasted sharply with the net outflows from Bitcoin spot ETFs, which saw a significant drain of capital. Monday began on a positive note for Bitcoin (BTC) investors, with the cryptocurrency’s price rising from around $101,000 to surpass $108,000 by Tuesday, marking a new all-time high. Expectations were high for a potential rise toward $110,000, especially following the US rate cut on Wednesday. However, Bitcoin’s momentum quickly stalled, and the cryptocurrency began retracing its gains. Bitcoin first dropped below $100,000, and the selling pressure continued as the price fell further, reaching a three-week low of $92,000 on Friday. This prompted speculation about whether the market was undergoing a normal correction or if it was the end of the ongoing bull run.  Record outflows and price pressures  On December 20, Bitcoin ETFs experienced a net outflow of $277 million, as reported by several sources, including Farside Investors. The iShares Bitcoin Trust (IBIT) faced its largest net outflows on record, shedding $72.7 million. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) saw a net outflow of $57.36 million.  According to Sosovalue data, the total net asset value of Bitcoin spot ETFs stood at $109.7 billion by the end of the day, a notable decrease from the $121.7 billion recorded on December 17. Bitcoin spot ETFs outflows – Source: Sosovalue This decline in BTC ETF assets followed a particularly tough day for the sector on December 19, when Bitcoin ETFs logged an astonishing $671.9 million in net outflows, the largest single-day outflow of the year.  The outflows were led by Grayscale’s GBTC, which lost $208.6 million, followed by ARK Invest’s ARKB, which…

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