▲ Bitcoin decline ©Coin Leaders |
The price of cryptocurrency leader Bitcoin (BTC) fell by about 4.5% over the past week, falling to the $63,000 level as of the 24th (Korean time).
This price drop is interpreted to be due to the outflow of Bitcoin spot ETF funds and the selling of miners.
In relation to this, cryptocurrency custody company BitGo reported through He added, “The BTC spot ETF returned to a net outflow trend on the 10th, and the cumulative outflow since that point is more than $1.1 billion.” Cryptocurrency analyst HODL15 Capital (@HODL15Capital) said, “The BTC spot ETF’s selling volume last week amounted to 7,690 BTC.”
Additionally, cryptocurrency analyst HODL15 Capital (@HODL15Capital) reported through The net outflow last week was 222 BTC.
Meanwhile, cryptocurrency market data platform IntotheBlock said through “As the situation worsens, the selling trend continues,” he said.
According to CoinMarketCap, Bitcoin is trading at $63,655 as of 7:51 am on this day, down 4.47% from a week ago.