Bitcoin ETF · Nvidia · China · Meta · Bitcoin · U.S. Treasury · Cointelegraph
Bitcoin rallies through $77K despite spot BTC ETF outflows topping $2B
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Bitcoin finds footing above $77,000 despite investors’ worry over BigTech earnings results and billion-dollar outflows from the BTC ETFs.
Key facts
- Bitcoin (BTC) reclaimed $77,000 on Wednesday as broader risk markets saw modest relief after Brent crude prices retreated below $108
- Outflows from US-listed spot Bitcoin ETFs totaled $2 billion in the seven days leading up to Tuesday, sparking fears of a deeper price correction below $75,000
- Meta (META US) announced a 10% global workforce reduction, while Cloudflare (NET US) is eliminating 20% of its staff
- This metric has completely retraced from the previous week’s 56% call option advantage, seen when Bitcoin flirted with $82,000
Summary
Bitcoin finds footing above $77,000 despite investors’ worry over BigTech earnings results and billion-dollar outflows from the BTC ETFs. $2 billion in spot Bitcoin ETF outflows spark downside fears, but this metric is typically backward-looking. A sustained discount on stablecoins in China signals broad capital flight from cryptocurrency markets. Bitcoin (BTC) reclaimed $77,000 on Wednesday as broader risk markets saw modest relief after Brent crude prices retreated below $108. Bitcoin's price action closely tracked the US small-cap stock index, hinting that macroeconomic factors are currently driving the move.