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Bitcoin price dropped to $62,260 in the last 24 hours and peaked at $66,649. The losses are due to ETFs. We will continue to see fluctuations in the cryptocurrency markets depending on the strategies of ETF investors in the coming period. The entry of over $11 billion in just 72 days through ETFs has made this inevitable.
Current State of Cryptocurrencies
USA is moving to sell the two private jets owned by former FTX CEO SBF. To make payments to creditors, it’s necessary to take away Sam’s toys. It seems that net entries on the ETF front have ceased as of Friday. Additionally, a significant security vulnerability has been identified for Mac device users.
FTX Founder’s Jets for Sale
According to a filing in the US District Court for the Southern District of New York on March 22, prosecutors want to sell the Bombardier Global and Embraer Legacy jets “to prevent them from losing value.” The total value of the planes is currently $28.4 million.
With a decision expected at the end of the month, SBF is anticipated to be found guilty on seven different charges, facing 40-50 sentences. Although lawyers are seeking a sentence of less than 80 months, the testimony of accomplices against SBF has already sealed his fate.
Apple Security Vulnerability
Apple‘s M series chips have a significant flaw that allows attackers to access encryption keys from MacBook devices. According to a report published on March 21, when Apple chips run commonly used cryptographic protocols, it becomes possible for hackers to seize end-to-end encryption keys.
Moreover, this vulnerability cannot currently be fixed with a security patch as it is related to microarchitecture design.
Spot Bitcoin ETFs
According to Farside Investors data, outflows from crypto asset manager Grayscale‘s Bitcoin ETF have significantly slowed compared to Monday. The outflow of $642 million on Monday, exacerbated by the anxiety of the Fed meeting, triggered major losses.
Bloomberg ETF analyst Eric Balchunas said hours ago that these outflows could soon decrease, and recent data confirms his statement. According to the table above, if the entries from Fidelity or BlackRock (or the sum of both) exceed $118.6 million, it will be the first net entry day of the week. This could be a good excuse for cryptocurrencies to recover over the weekend or at least not to fall further.
