According to CoinDesk, Bitcoin's (BTC) price correction intensified on Tuesday as U.S.-listed spot exchange-traded funds (ETFs) experienced outflows. The leading cryptocurrency's value dropped over 8% to below $62,000, marking the largest single-day percentage decline since November 9, 2022. Several factors contributed to the price drop, including outflows from spot ETFs, as noted by trader and economist Alex Kruger. Investment firm Farside's provisional data revealed a net outflow of $326 million from spot ETFs on Tuesday, the largest on record. Grayscale's ETF saw a record outflow of $643 million on Monday.
In other news, Web3 gaming developer platform Immutable and venture capital firm King River Capital have partnered with Polygon Labs to create a $100 million 'Inevitable Games Fund' (IGF). The fund aims to target high-growth opportunities in Web3 gaming for professional and sophisticated investors. Immutable and Polygon Labs will identify investment opportunities, while King River will manage the investment process and allocate capital to game studios and Web3 infrastructure companies.
Additionally, investment management giant BlackRock has established the BlackRock USD Institutional Digital Liquidity Fund, according to a document filed with the U.S. Securities and Exchange Commission (SEC). The fund, incorporated in the British Virgin Islands, will be launched in collaboration with asset tokenization firm Securitize. Although the filing does not specify the assets the fund will hold, Securitize's involvement suggests the product may be related to the tokenization of real-world assets (RWA). Following the filing's release, Ondo Finance's native token ONDO surged by up to 20%. Ondo operates an RWA platform.
