Fidelity's FBTC has once again witnessed the largest outflow of funds.
After a quiet weekend, the #bitcoin price fell to a one-month low of $64,000 over the past 12 hours amid growing outflows from spot ETFs.
At one point, more than US$100 billion was withdrawn from the cryptocurrency market, with most alts also falling sharply.
Bitcoin made several unsuccessful attempts to reach the $70,000 mark last week. The latest attempt came after the release of favorable U. S. consumer price index data on Wednesday, which saw #BTC soar from below $67,000 to $70,000 in a matter of minutes.
However, bears quickly blocked the move as the U. S. Federal Reserve decided not to cut interest rates, causing the price of the major cryptocurrency to plummet. By Friday evening, the asset had fallen in price by $5,000 to $BTC The weekend took a more positive and calm turn with BTC hitting just above $66,000. Monday also started quietly, after which the bulls attempted a push towards the $67,000 mark. However, this failed and the subsequent divergence led to bitcoin falling to a one-month low of $64,000, resulting in the liquidation of around $500 million.
This price drop came on the back of another ETF outflow, this time amounting to US$145.9 million from all ETF products.
BTC's market value fell below $1.3 trillion, but its dominance over #altcoins rose 0.7% overnight to 52.1%.
The increase in BTC's dominance as bitcoin's exchange rate corrected has caused altcoins to fall further. This was evidenced by altcoins such as SHIB, UNI and WIF, which fell in price by around 10%.
Solana, Dogecoin, Toncoin, #Cardano , Avalanche and Chainlink are also in deep negative territory, while #ETH and BNB are in the red.
XRP is the only exception among the big alts. Ripple's native token rose to just over $ 0.5 amid a market-wide correction.
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