BiyaPay Analyst: BTC Monthly Drop Mainly due to ETF Outflows
BlockBeats News, August 27th, BiyaPay analysis pointed out that the price drop of BTC this month is related to ETF fund outflows. In order to usher in a potential bull market by the end of the year, a large amount of funds inflow is needed.
In January 2024, 11 physically-backed Bitcoin ETFs were listed on NASDAQ, allowing investors to gain exposure to cryptocurrency without having to self-custody the coins. Since then, these funds have cumulatively attracted $53.9 billion in investment.
However, these funds recorded a net outflow of $972 million this month, the second largest since inception, second only to February's $3.56 billion. If Friday's data still shows a net outflow, it will mark the end of a four-month trend of fund inflows.
You may also like
Gainers
Latest Crypto News
In the past 24 hours, the entire network liquidated $376 million, with the majority coming from the largest short position
The probability of a 25 basis point interest rate cut by the Federal Reserve in December is currently at 87.2%.
Trump: Will Announce New Fed Chair in Early Next Year
Coinbase International Site to Launch DASH Perpetual Contract Trading
A whale has deposited 1.01 million USDC into Hyperliquid to leverage 10x long on HOOD.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Services:support@weex.com