Bitcoin (BTC) Holds Ground at $64,000 Despite Reports of Increasing ETF Outflows

Despite the growing demand for spot Bitcoin ETFs, the price of Bitcoin (BTC) has remained remarkably steady, teetering just above the $64,000 mark.

Bitcoin’s recent journey has been a wild ride, fueled by the mounting tensions between Israel and Iran. In a dramatic turn of events, the cryptocurrency’s value took a plunge last Friday, dropping below the $60,000 mark. The market was left reeling as investors scrambled to make sense of the sudden volatility.

After much speculation and anticipation, the long-awaited Bitcoin halving event finally occurred, causing a surge in the cryptocurrency market. As the dust settled and the issue was seemingly resolved, the value of Bitcoin skyrocketed by a staggering $5,000, reaching a stable high of $65,000. The atmosphere was buzzing with excitement as investors rode the wave of positive momentum, propelling Bitcoin to a local peak of $67,000.

Bitcoin (BTC) put up a valiant fight, but ultimately succumbed to the relentless bears, sending it tumbling below the $63,000 mark. Yet, just when all hope seemed lost, the mighty Bitcoin (BTC) rose from the ashes and soared past $65,000 in a stunning rebound. As the sun sets on the trading day, Bitcoin (BTC) stands tall at $64,455, ready to face whatever challenges lie ahead.

As the world of cryptocurrency reaches a pivotal moment, the aftermath of the highly anticipated Bitcoin Halving event has brought about a rollercoaster of emotions. Amidst the current bearish climate, glimmers of hope emerge as select altcoins experience unexpected spikes, hinting at a potential bullish trend.

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What’s Happening With Bitcoin ETFs

In just two days, Bitcoin ETFs have seen a staggering net outflow of $217 million, resulting in a total loss of $337 million. Despite this downward trend, there’s a glimmer of hope as BlackRock’s IBIT ETF recorded its second day in a row of $0 inflows. And don’t let that number fool you – with a whopping $15.48 billion in cumulative inflows since its launch, IBIT is still leading the pack as the top contributor to positive flows.

Despite a recent wave of outflows, the Bitcoin ETF market remains confidently optimistic, with a whopping $12.08 billion in cumulative net inflows.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

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