Bitcoin ETFs Bleed $171M, as Investors Fear Weekend War Escalation
Bitcoin ETFs saw $171 million in outflows on Thursday, as holders feared the prospect of another weekend escalation in the US-Israel conflict with Iran.
Bitcoin ETFs saw $171 million in outflows on Thursday, as holders feared the prospect of another weekend escalation in the US-Israel conflict with Iran.
Analysts believe that Bitcoin is in deep value territory, and withdrawals from cryptocurrency exchanges suggest strong accumulation by investors.
Bitcoin traders cut their leveraged positions and shifted into stablecoins after macroeconomic and US inflation-based concerns pushed markets into a defensive stance.
Bitcoin’s odds of holding above $70,000 waver as spot BTC ETF outflows and sharp selling from US equities place the current crypto market recovery in peril.
Bitcoin bulls attempt to establish support at $70,000 but rising concerns over the health of the US economy and inflation could chip away at the key price level.
Charts suggest Bitcoin may remain range-bound, with $74,000 being the toughest resistance to overcome. Will altcoins drop their recent gains or continue to find buyers?
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