{"id":15923,"date":"2024-03-20T11:30:33","date_gmt":"2024-03-20T11:30:33","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=15923"},"modified":"2024-03-20T09:19:47","modified_gmt":"2024-03-20T09:19:47","slug":"bitcoin-and-ether-slide-as-spot-bitcoin-etfs-see-record-outflows","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-and-ether-slide-as-spot-bitcoin-etfs-see-record-outflows\/","title":{"rendered":"Bitcoin and Ether Slide as Spot Bitcoin ETFs See Record Outflows"},"content":{"rendered":"

Bitcoin<\/strong>\u00a0price reached its lowest level in the past two weeks, dropping by 5.18% in the last 24 hours to trade at $61,380 as of 1:50 p.m. Hong Kong time, according to data from CoinMarketCap. Meanwhile, Ether fell by 7.8% to $3,090.<\/p>\n

The recent decline in the two largest cryptocurrencies has brought them back to their value from the last week of February. Additionally, all other top 10 non-stablecoin crypto tokens by market capitalization also experienced declines on Wednesday in Asia.<\/p>\n

This drop in prices coincided with significant outflows from spot Bitcoin<\/strong> exchange-traded funds (ETFs). On Tuesday, U.S. spot bitcoin ETFs saw $326.2 million in outflows, marking the largest outflow since their debut. Notably, GBTC alone witnessed $444 million exiting the fund, while other ETFs experienced weaker inflows, as per data from Farside.<\/p>\n

Move to Solana<\/span><\/h2>\n

In addition to the ETF outflows, Rachael Lucas, BTC<\/a> Markets\u2019 Head of Marketing and Communications, mentioned that speculative shifts towards smaller coins like SOL and AVAX, along with meme coins like WIF, have contributed to the drop in bitcoin’s price.<\/p>\n

Driven by a $700,000 advertisement on the Vegas sphere, Memecoins on Solana such as dogwifhat and Slerf have garnered significant attention, leading to record-high on-chain volumes and fees on the network.<\/p>\n

Economist Alex Kr\u00fcger also expressed concerns about the Solana mania, stating that it “went too far,”<\/strong> and highlighting the excessive leverage in the crypto market as a contributing factor to the decline.<\/p>\n

\u201cEthereum’s price is tied to Bitcoin<\/strong> ‘s, while delays in SEC decisions on proposed Ether ETFs by Hashdex and ARK 21Shares increase uncertainty, and Grayscale considers adding staking to its Ether ETF application,\u201d added BTC Markets\u2019 Lucas.<\/p>\n

Over the past 24 hours, the global cryptocurrency market capitalization fell by 4.5% to $2.42 trillion, according to data from CoinGecko.<\/p>\n

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Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u00a0price reached its lowest level in the past two weeks, dropping by 5.18% in the last 24 hours to trade at $61,380 as of 1:50 p.m. Hong Kong time, according to data from CoinMarketCap. Meanwhile, Ether fell by 7.8% to $3,090. The recent decline in the two largest cryptocurrencies has brought them back to their<\/p>\n","protected":false},"author":1,"featured_media":15101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,1729,3695],"class_list":["post-15923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-ether","tag-spot-bitcoin-etfs"],"yoast_head":"\nBitcoin and Ether Slide as Spot Bitcoin ETFs See Record Outflows - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin's price reached its lowest level in the past two weeks, dropping by 5.18% in the last 24 hours to trade at $61,380 as of 1:50 p.m.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-ether-slide-as-spot-bitcoin-etfs-see-record-outflows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin and Ether Slide as Spot Bitcoin ETFs See Record Outflows - 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