Bitcoin investors yanked $635 million from spot ETFs in a day. Here's what it means for price
The single-largest outflow since late January comes as bitcoin turns lower from the 200-day moving average.
AI Summary
Bitcoin spot ETFs experienced a record outflow of $635 million in a single day on Wednesday, the largest since late January, with investors pulling a total of $1.26 billion over five trading days. Bitcoin's price rally has stalled below its 200-day moving average near $82,000, dropping to around $79,400 as U.S. inflation concerns pressure the market. The correlation between ETF flows and bitcoin's price has weakened, suggesting that the strong inflows that previously supported bitcoin's rise above $80,000 may no longer be a reliable driver of price movements.