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As the U.S. interest rate cut was delayed, the price of Bitcoin (BTC), a representative cryptocurrency, fell to its lowest level in a month.
According to Bloomberg News on the 18th, the price of one Bitcoin fell to $64,588 this morning, but is moving around $65,500 as of 4 p.m.
This is the lowest level since the middle of last month.
CoinShares International data shows that more than $600 million (approximately 830 billion won) was withdrawn from digital asset products last week, the largest amount since March.
Grayscale, a digital asset management company, announced that more than $274 million was leaked last week from the Grayscale Bitcoin Exchange Traded Fund (ETF), the second largest cryptocurrency-related fund.
Fidelity and ARK's Bitcoin funds also lost about $150 million each.
Bitcoin performed poorly compared to stocks, bonds, raw materials, and gold in the second quarter.
Bitcoin fell 5.8% during this period, while the Bloomberg Commodity Spot Index recorded +5.4%, gold +3.4%, Bloomberg World Stock Index +1.9%, and Bloomberg Global Bond Index recorded -0.4%.
In the first quarter, Bitcoin's return was 67%, far exceeding that of existing assets.
In this regard, Bloomberg News reported that there is a possibility that the enthusiasm for virtual currency may be cooling down.
The price of Bitcoin has been sluggish since setting a record of $73,798 in March.
The background is that expectations for a U.S. interest rate cut have weakened and excitement about capital inflow into Bitcoin ETFs has also faded.
Noel Acheson, who writes a cryptocurrency-related newsletter, believes that a significant portion of the funds flowing into the Bitcoin ETF may not be new funds but may have been transferred by existing Bitcoin holders.
“Prices will only move when new funds come in,” he said.
JP Morgan estimated that of the $15 billion net inflow into Bitcoin ETFs this year, $12 billion was truly new.
This is less than $45 billion in 2021 and $40 billion in 2022.
