Bitcoin fell dramatically to $67,900 on Tuesday morning. This represents a decline of more than 3.3% from its highest level of nearly $71,200 on Monday.
Significant changes were also observed in money flows inside Bitcoin exchange-traded funds (ETFs) during this drop; after 19 days of positive flows, the funds began flowing negatively.
Bitcoin price drops lead to liquidations worth over $100 million
According to data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw outflows of $3 million. So also, the Valkyrie Bitcoin Finance (BRRR) saw surges of $20.5 million, and the Invesco World Bitcoin ETF (BTCO) saw surges of $15.8 million.
The largest outflow was recorded by the Grayscale Bitcoin Trust (GBTC), with $39.5 million exiting the fund.
Additionally, the Bitwise Bitcoin Finance (BITB) pulled in $7.6 million on the same day. In differentiate, BlackRock’s iShare Bitcoin Believe (IBTC) recorded an influx of $6.3 million.
Despite these gains, there were net outflows of $64.9 million from all ETFs overall. May 10 was the most recent day when Bitcoin ETFs had net outflows.
Over the past 12 hours, these changes have resulted in $101 million in cryptocurrency liquidations, which has had a significant impact on fund balances and market stability. Of this, $94.43 million came from long positions, and $6.57 million came from the liquidation of short contracts.
Prominent financial leaders continue to have optimism about the future of Bitcoin despite the current turmoil. Bitcoin is recommended as a strategic route to wealth by author Robert Kiyosaki of “Rich Dad, Poor Dad.”
Becoming a millionaire entrepreneur is challenging. Yes, I know. To set up your own firm and become a millionaire, you have to be extremely intelligent, very committed, and very lucky. I hold bitcoin because it saves me trouble. That’s why I like bitcoin, Kiyosaki said.
With the market adjusting to these developments, cryptocurrency fans are feeling cautiously optimistic. Even though there may be more ups and downs in the near future, both new and experienced investors are still attracted to cryptocurrencies like Bitcoin because of their enduring appeal.
