Express
BiyaPay Analyst: BTC Price Drop This Month Mainly Due to ETF Fund Outflows
Summary: According to reports, BiyaPay analysts pointed out that the price drop of BTC this month is related to ETF fund outflows, and a significant influx of funds is needed to potentially usher in a bull market by the end of the year. In January 2024, 11 spot Bitcoin ETFs were listed on NASDAQ, allowing investors ...
According to reports, BiyaPay analysts pointed out that the price drop of BTC this month is related to ETF fund outflows, and a significant influx of funds is needed to potentially usher in a bull market by the end of the year.
In January 2024, 11 spot Bitcoin ETFs were listed on NASDAQ, allowing investors to gain exposure to cryptocurrencies without the need to self-custody coins. These funds have since accumulated $53.9 billion in investment capital.
However, these funds recorded a net outflow of $972 million this month, the second largest since inception, only behind February's $3.56 billion. If Friday's data continues to show net outflows, it will mark the end of a four-month trend of fund inflows.
Tags:
Link: BiyaPay Analyst: BTC Price Drop This Month Mainly Due to ETF Fund Outflows [Copy]
