The cryptocurrency market is down today due to several reasons, including ¹:
- *Mt. Gox’s $9 billion bitcoin transfer*: The transfer of approximately $9 billion in bitcoin from Mt. Gox’s cold wallet to an unknown address has raised concerns among investors, leading to a decline in the market.
- *Slowing inflows of U.S. spot bitcoin ETFs*: The decrease in inflows to U.S. spot bitcoin ETFs has also contributed to the downturn in the crypto market.
- *Fear of interest rate changes*: Crypto market analysts do not expect the Federal Market Committee (FOMC) to change interest rates, as investors are gradually getting used to the fact that the U.S. central bank may not cut rates at all this year.
- *Outflows from bitcoin ETFs*: The 11 Spot Bitcoin ETFs saw a collective net outflow of around $563.7 million, the largest since the funds began trading on January 11. This extended a five-day losing streak, according to data source CoinGlass. Investors have pulled out around $1.2 billion from the ETFs since April 2024.