Early Tuesday, the value of Bitcoin plummeted to $67,900. That's down more than 3.3% from Monday's high of about $71,200.
This downward trend was coupled with a significant change in fund flow within the Bitcoin Exchange Traded Fund (ETF), which turned into negative flow after 19 consecutive days of net inflow.
The decline in Bitcoin prices led to liquidations of more than $100 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) reported an outflow of $3 million, according to data from Farside Investors. Likewise, the Invesco Galaxy Bitcoin ETF (BTCO) saw an outflow of $20.5 million and the Valkyrie Bitcoin Fund (BRRR) was depleted by $15.8 million.
Grayscale Bitcoin Trust (GBTC) recorded the largest outflow with $39.5 million.
Meanwhile, BlackRock's iShares Bitcoin Trust (IBTC ) recorded inflows of $6.3 million. Additionally, Bitwise Bitcoin Fund (BITB) raised $7.6 million on the same day.
Read more: How to Trade Bitcoin ETF: A Step-by-Step Approach
Despite these gains, there was a total net outflow of $64.9 million from the ETF as a whole. The last recorded net outflow from the Bitcoin ETF was May 10th.
These changes have had a significant impact on fund balances and market stability, resulting in $111 million in cryptocurrency liquidations in the last 12 hours. Of these, $94.43 million was liquidated from long positions and $6.57 million was liquidated from short trades.
Despite recent volatility, prominent financial figures remain positive about Bitcoin's future. Robert Kiyosaki, author of “Rich Dad, Poor Dad,” advocates Bitcoin as a strategic path to wealth.
“It’s hard to make millions as an entrepreneur. I know. To start a business and become a millionaire, you have to be really smart, dedicated and lucky. I save Bitcoin because it does the hard work for me. This is why I love Bitcoin,” Kiyosaki said .
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
While the market processes these changes, sentiment among cryptocurrency enthusiasts remains cautiously optimistic. Although there may be further volatility in the immediate future, the enduring appeal of cryptocurrencies like Bitcoin continues to attract both seasoned and new investors.
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