In a surprising turn of events, Bitcoin experienced a noteworthy surge in price amidst a backdrop of substantial outflows from Exchange-Traded Funds (ETFs). While traditional wisdom dictates a correlation between ETF movements and cryptocurrency prices, Thursday’s market activity challenged this notion.
Despite a net outflow of $217 million from Bitcoin ETFs, including a significant $22.6 million from Fidelity’s FBTC, Bitcoin’s daily candle closed in the green, marking one of its most significant days in net outflows.·
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