#OnChainLendingSurge #BNBBhutanReserves
Bitcoin Investors Exit Spot ETFs at Near-Record Levels as Bitcoin Drops 2.3%
Bitcoin holders dumped shares of the Bitcoin exchange-traded fund as the asset fell to $92,500 and remained below $95,000.
Bitcoin investors have pulled nearly $570 million from U.S.-listed exchange-traded funds after the coin fell below the psychological $100,000 price level on Jan. 8, triggering a surge in liquidations.
On January 8, the price of Bitcoin was recorded
Bitcoin
Low indicators
$93,488
The ETFs recorded outflows of $569.1 million, the second-highest daily net outflow since launch, and just $100 million behind the outflows on Dec. 19, which were $671.9 million, according to Farside data.
Fidelity Wise Origin Bitcoin Fund recorded about 45% net outflow on the day at $258.7 million, the highest single-day outflow ever.
Markets still in 'greedy' mood despite huge liquidation
Meanwhile, about $521 million was liquidated from the cryptocurrency market in the past 24 hours, according to CoinGlass data.
Cryptocurrencies and Markets
A total of $521.02 million was liquidated from the cryptocurrency market. Source: CoinGlass
This came as Bitcoin briefly dipped to $92,500, primarily due to growing concerns about the US Federal Reserve’s 2025 monetary tightening, according to Ryan Lee, senior analyst at Bitget Research.
“Bitcoin’s decline is primarily due to strong US economic data that points to a potential rise in interest rates,” he told me.
At the time of publishing this article, Bitcoin was trading at $94,401, according to CoinMarketCap data.
However, overall market sentiment has not declined significantly, according to the Cryptocurrency Fear and Greed Index.
The index, which measures market sentiment towards Bitcoin and other cryptocurrencies, currently shows a “greedy” score of 69, down nine points from the “extremely greedy” score of 78 recorded 30 days ago.
Bitcoin's 'inconclusive start' until 2025
Some traders say it's too early to draw conclusions from Bitcoin's price fluctuations.
In a post on January 9, Daan Crypto Trades said, “This isn’t saying much yet, especially since December broke the trend and the start of the year was generally volatile.”
