True Correction Underway? Over $500 Million Exits Bitcoin ETFs

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	5,198,448,397	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

5,198,448,397

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0069	-1.22%	0.5593	0.5592	0.5594

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0069

-1.22%

0.5593

0.5592

0.5594

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5705	0.5552	0.5655	0.5662	0.492200 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5705

0.5552

0.5655

0.5662

0.492200 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:58:47	205.80	0.5593	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:58:47

205.80

0.5593

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,973,550.41	5,263,456.76	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,973,550.41

5,263,456.76

True Correction Underway? Over $500 Million Exits Bitcoin ETFs — Coinshares

24/06/2024 9:30pm

NEWSBTC

Recent data from CoinShares points to a significant shift in investor sentiment regarding Bitcoin, marked by a substantial $544.1 million net outflow from US spot Bitcoin ETFs in the last week. According to James Butterfill, a leading analyst at CoinShares, this significant amount of outflow highlights a “true correction is underway” as this trend extends beyond a single week, with a total of over $1.1 billion flowing out in the past two weeks alone. Related Reading: Is Bitcoin’s Rally Over? New Insights from CryptoQuant Predict a Market Downturn Global Outflows Amidst Economic Uncertainty James Butterfill attributes this withdrawal to a lack of confidence among investors regarding anticipated interest rate cuts. Commenting on the consistent outflows, Butterfill noted: We believe this is in reaction to the pessimism amongst investors for the prospect interest rate cuts by the FED this year. Notably, the US was not alone in experiencing these outflows; significant sums were also withdrawn from funds based in Canada, Germany, and Hong Kong. Contrarily, funds based in Brazil and Switzerland witnessed net inflows, indicating a varied global response to the current economic climate. While Bitcoin faced the brunt of the withdrawals, Ethereum also saw notable outflows, with $58 million leaving Ethereum-based investment products globally. This occurred despite the anticipation surrounding new issuers’ S-1 registration filings with the SEC, hinting at potential launches. However, not all cryptocurrencies suffer from these conditions. Altcoins such as Solana, Litecoin, and Polygon experienced net inflows, suggesting that some investors are viewing the current market weaknesses as potential buying opportunities, according to Butterfill. Bitcoin Market Turbulence and Optimistic Forecasts Amidst these financial shifts, the broader crypto market has felt the impact, with Bitcoin’s price falling by 4.7% in the past 24 hours and 6.6% over the past week, currently trading at around $61,186. This downturn has had a cascading effect on traders, with significant liquidations occurring in the market. According to Coinglass, 91,772 traders were liquidated in the past 24 hours, with total liquidations amounting to $308.97 million. Of this, Bitcoin traders alone faced $123.35 million in losses. Amid market volatility, Jack Mallers, CEO of Strike, a global Bitcoin application, maintains a bullish outlook on Bitcoin’s future. In discussion with analyst Scott Melker, Mallers expressed confidence that despite current price fluctuations, Bitcoin could reach between $250,000 and $1 million in the coming cycle. Related Reading: Survival of the Fittest: Here’s How Bitcoin’s Next Rally Hangs on Miner Capitulation He attributes this potential growth to the ongoing dollar depreciation and sees Bitcoin as a robust hedge against currency debasement. Featured image created with DALL-E, Chart from TradingView

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MATICUSD Polygon