Bitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane
March 15 2024 - 10:30AM
NEWSBTC
Bitcoin is closing out the week on a rather bearish note after
suffering a massive crash in the early hours of Friday. The crash
pushed the price below $66,000, drawing the rest of the crypto
market down with it in the process. The reason for this crash could
be traced back to what started the bull run in the first place –
Spot Bitcoin ETFs. Spot Bitcoin ETF Net Flows Suffer After a long
strength of what seemed to be only inflows for Spot Bitcoin ETFs
across the space, institutions seem to be scaling back on their
buying this week. The data aggregation platform Spot On Chain,
revealed that net flows into these ETF dropped drastically over the
last few days. Related Reading: Dogecoin Influencer Sounds Critical
Warning Alarm For Scams Targeting The Community The decline was
first noted on Wednesday, March 3, when daily net inflows had
experienced a 38% crash. Interestingly, Wednesday had seen the
second-largest daily inflow for these Spot BTC ETFs. However, with
outflows ramping up at the same time, the net inflows have begun to
wane. This trend continued on Thursday, March 14, as net inflows
into the Spot ETFs registered another massive crash. This time
around, it fell 80.6% compared to the prior day, which had already
seen a 38% decline. As a result, the ETFs saw their worst trading
day in over a week. 🚨 BTC #ETF Net Inflow Mar 13, 2024: +$684M •
The net inflow dropped by 38.3% compared to the previous day but
remains the second-largest inflow per day since ETF inception. •
The cumulative total net inflow after 43 trading days is $11.82B. •
BlackRock ($IBIT) now holds… https://t.co/hziFc5Uy4v
pic.twitter.com/DGsnfVecZF — Spot On Chain (@spotonchain) March 14,
2024 Nevertheless, the ETFs are still seeing positive inflow which
suggests that outflows continue to dim compared to inflows.
However, if the outflows continue to rise, then Bitcoin could
suffer tremendously from this, with an example of what could happen
being the market crash from the Grayscale Bitcoin Trust outflows.
BTC Price Struggles To Recover After falling to $65,600. The
Bitcoin price is struggling to recover from the flash crash. There
was a quick buy up of the dip, indicating a lot of demand for BTC
at low prices. This demand has been able to brush up the price,
causing it to rise once more before being rejected at $68,700.
Related Reading: Dogecoin Open Interest Maintains Record Highs, Is
A Crash Coming? Presently, the BTC price is circling $66,500, with
the $68,000 level proving to be the next significant resistance for
the price. But even if the crypto was able to beat this level,
there is still the matter of the mounting resistance at $68,700,
making it an important resistance level to beat. The crash has seen
Bitcoin’s price decline over 8% in the last day, bringing its
market cap down to $1.33 billion. This crash has also proven
detrimental for altcoins, with the likes of Ethereum, Dogecoin, and
Cardano seeing an average decline of 10%. BTC price at $67,700 |
Source: BTCUSD on Tradingview.com Featured image from Forkast News,
chart from Tradingview.com
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From May 2023 to May 2024