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Bitcoin’s volatile movement continues to frustrate investors. Predicting the price direction is becoming harder. Sometimes upward predictions come, but BTC invalidates them with declines. At times, downward predictions for BTC point to levels below $60,000. Bitcoin invalidates these levels with its rise. Unfortunately, the market’s ups and downs mainly affect altcoins. The situation is dire for altcoins.
Bitcoin’s Decline Reflects on Spot Bitcoin ETFs
Whenever Bitcoin, the flagship of cryptocurrencies, drops, I check the latest status of spot Bitcoin ETFs by the end of the day. My predictions based on BTC usually hold true. While preparing the news, seeing Bitcoin drop, I predicted significant exits from spot Bitcoin ETFs. My prediction was correct.
Yesterday, $139.88 million exited spot Bitcoin ETFs in the USA. The largest exit was $53 million from Grayscale. Following Grayscale, Fidelity’s spot Bitcoin ETF saw a $51 million exit.
Bitwise saw a $32 million exit, VanEck $4 million, and Invesco $2 million.
$1 Million Inflow
The only inflow in spot Bitcoin ETFs was from BlackRock, with a $1 million inflow, standing out clearly among the reds.
On the other hand, as usual, some spot Bitcoin ETFs recorded zero activity. These ETFs typically record zero during my news reports. Ark Invest, Valkyrie, Franklin, WisdomTree, and Hashdex recorded zero yesterday.
Crypto investors now expect Bitcoin to anchor above $70,000 and maintain stability there. If BTC starts a new upward wave and surpasses $80,000, altcoins may also revive. However, if BTC fails to achieve this, the situation for altcoins may worsen. Many altcoins could revisit their 2023 lows.
