Bitcoin falls below $73,000 as BlackRock’s BTC ETF sees second-largest outflows since debut
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Bitcoin (BTC) fell below $73,000 early Thursday as spot bitcoin exchange-traded funds logged their largest net outflows since late January.
Key facts
Bloomberg Senior ETF Analyst Eric Balchunas flagged Tuesday that there was a bulk trade of 29.2 million IBIT shares worth $1.3 billion, which helped lift Tuesday's total bitcoin ETF volume to $4.4
The world's largest cryptocurrency slipped 3.6% over the past 24 hours to $72,842 as of 1:50 a.m., 's price page
Morgan Stanley's MSBT was the only spot bitcoin ETF to post positive flows, drawing in $4.3 million yesterday
After hovering over $80,000 early in the month, it has drifted lower over the past two weeks, underperforming risk assets like the S&P 500 and Nasdaq," Chung said
Summary
The world's largest cryptocurrency slipped 3.6% over the past 24 hours to $72,842 as of 1:50 a.m., 's price page. "The sharp declines reflect a risk-off move driven by profit-taking after recent highs, rising Treasury yields, and broader macro caution amid geopolitical headlines," said Nick Ruck, director of LVRG Research. Dominick John, analyst at Zeus Research, told The Block that the crypto market decline was mainly due to capital rotating into TradFi equities, alongside heavy derivatives liquidations that pushed prices further down once key BTC and ETH levels broke. "Broader macro and geopolitical uncertainty also kept traders defensive, limiting dip-buying demand," John added.