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Bitcoin (BTC) Lost $365 Million: Bull Run Cancelled?
According to recent data, the cryptocurrency market has witnessed significant outflows from institutional investors, with a staggering $365 million being withdrawn from Grayscale’s GBTC alone. This massive exodus suggests that institutional investors may be taking profits or shifting their funds to other investment options amid uncertain macroeconomic conditions.
The news comes as a shock to many in the crypto community, who had been optimistic about the potential for a new bull run. With the price of Bitcoin (BTC) struggling to break through the $94,000 mark and facing resistance at $100,000, this development has cast doubts on any imminent recovery.
In recent times, institutional investors have played a crucial role in driving market sentiment and fueling bull runs. This sudden outflow raises questions about their willingness to continue investing in cryptocurrencies during times of heightened volatility.
Moreover, the data highlights that other ETFs such as Fidelity’s FBTC and BlackRock’s IBIT also saw significant redemptions, with $88.24 million and $112.05 million being withdrawn respectively. This widespread trend suggests that institutional investors are increasingly cautious about their investments in the cryptocurrency market.
While it’s essential to acknowledge the bearish sentiment currently prevailing in the market, Bitcoin’s long-term fundamentals remain strong. Many analysts believe that the upcoming halving event could serve as a catalyst for price appreciation, while also bolstering the cryptocurrency’s sustainability and security.
In the short term, however, Bitcoin needs to maintain support above $94,000 to avoid further corrections. A breakout above $100,000 could potentially reignite bullish momentum and propel the asset back into an upward trend.
For now, all eyes are on ETF flows and whether institutional demand can rebound in the coming days.
Source: u.today
