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Bitcoin’s Volatility at Rare Lows; Is Major Move on Horizon?
PMorgan Over Call to Sell Bitcoin
Alex Dovbnya
ETFs), which were the main driver of Bitcoin’s tremendous price rally in 2024, have now recorded four consecutive days of outflows. On Thursday, they bled another $157 million. Even though the time frame is too small to define a clear trend; this might still signal waning institutional participation.
Bitcoin underperforming gold
As reported by U.Today, the flagship cryptocurrency has also struggled to outperform gold this year despite vying to take its share in investor portfolios as a store of alternative value. ByteTree founder Charlie Morris has opined that Bitcoin’s underperformance is not surprising since the cryptocurrency tends to move in tandem with risk assets, such as tech stocks.
“They take it turns. Gold is generally stronger during risk-off, bitcoin risk-on. Tech has taken a break so BTC soft patch. Gold has gone nuts. Fund flows repeatedly support this thesis,” Morris said.
Bitcoin spot ETFs keep seeing outflows
Bitcoin underperforming gold
Source: u.today
