Bitcoin (CRYPTO: BTC) has experienced a sharp decline in early Asian trading hours, dropping from $62,000 to $59,544, marking an over 4% decrease.
What Happened: This downturn coincided with the first net outflow from Bitcoin spot ETFs in nearly a week, according to data by cryptocurrency analytics firm SoSo Value.
On July 2, Bitcoin ETFs recorded a total net outflow of $13.6167 million, breaking a five-day streak of consecutive inflows.
The Grayscale Bitcoin Trust (OTC:GBTC) led the exodus with a substantial single-day outflow of $32.3779 million.
However, this was partially offset by inflows into other ETFs, with BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and Fidelity’s Wise Origin Bitcoin Fund (BATS:FBTC) attracting $14.1154 million and $5.4189 million, respectively.
The bearish sentiment extended beyond Bitcoin, affecting other major cryptocurrencies.
Ethereum (CRYPTO: ETH), ...