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Bitcoin ETFs Bleed as BTC Price Drops to $86,000
The cryptocurrency market witnessed a significant surge in trading volume over the past 24 hours, with transactions reaching a staggering $49.35 billion – a 15.13% increase from the previous day. Despite this, Bitcoin’s price took a hit, plummeting to around $86,000.
Despite this drastic price drop, Bitcoin ETFs continued to bleed as investors scrambled to exit their positions in response to the decline. The fully diluted valuation (FDV) of Bitcoin reached an astonishing $1.8 trillion, with a volume-to-market cap ratio of 2.87%. Meanwhile, the total and circulating Bitcoin supply remained at 19.83 million BTC, out of the maximum 21 million BTC that can ever exist.
The news comes as the U.S. administration remains committed to building a strategic crypto reserve, as reaffirmed by Treasury Secretary Scott Bessent during Friday’s cryptocurrency summit hosted by the White House. This event saw key industry leaders such as MicroStrategy CEO Michael Saylor, Coinbase cofounder Brian Armstrong, investors Cameron and Tyler Winklevoss, and Ripple CEO Brad Garlinghouse discuss their perspectives on the government’s plan.
In light of these developments, it remains unclear how the ongoing market volatility will impact Bitcoin ETFs and the overall cryptocurrency landscape.
Source: https://u.today/bitcoin-etfs-bleed-as-btc-price-drops-to-86000
