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Bitcoin ETF Outflow Surges to Record $672M as Price Drops Below $97K
The crypto market has witnessed a dramatic turn of events in the past 24 hours. In an unexpected twist, the price of Bitcoin plummeted by a staggering 7% and hit a low of $95,500, thereby losing approximately 12% of its value within just three days.
This sudden downturn was accompanied by record-breaking outflows from US Bitcoin ETFs, with investors pulling out an astonishing $672 million in a single day. This marks the largest withdrawal ever recorded, surpassing the previous mark of $564 million set in May.
The catalyst behind this sharp decline appears to be Bitcoin’s price dropping below the crucial level of $97K, which triggered a heightened sense of fear within the market.
Source: coinpedia.org
