Category Archives: Bitcoin
Nasdaq just notched its seventh straight record high why hasn’t Bitcoin budged? – DLNews
The Nasdaq Composite is on a tear, having just made its seventh consecutive day of record highs.
The Dow Jones Industrial Average and the S&P 500 have enjoyed similar highs, thanks to chipmaker Nvidia and investor frenzy around artificial intelligence.
Bitcoin, however, has failed to tag along.
While market watchers predict the cryptocurrency could surge as high as $200,000 over the next year, it has held steady at around $65,000 for the past week.
Here are four factors holding back the top cryptocurrency.
Bitcoin is simply catching its breath after a formidable start to the year, Adam Morgan McCarthy, an analyst at crypto data and analytics firm Kaiko Research, told DL News.
The Nasdaq may have risen 18% this year so far, but Bitcoin is up 53%, McCarthy noted. And its not just because Bitcoin tends to be more volatile theyre simply moving on different factors.
Bitcoin had a very strong start to the year thanks to regulatory developments in the US specifically, Morgan said. The next drivers for Bitcoin will be the long-term impact of the latest halving and ETF demand.
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The fourth halving, which occurred in mid-April, cut in half the amount of Bitcoin that miners receive for maintaining the blockchain. Because less Bitcoin is created, market participants expect the supply shock to push the price upward.
But the halvings effects usually take a few months to become apparent, McCarthy said and are mostly visible once demand for Bitcoin picks up.
ETF demand in the US could have a big impact here, as more advisers and firms onboard new investors over the coming months, McCarthy said.
Its normal for the quadrennial event to be followed by months of subdued trading, concurred Jacob Joseph, research analyst at CCData. Especially since markets overheated in the months leading up to the halving.
Centralised exchanges recorded new all-time high volumes in March, and that speculation, as indicated by open interest, was at unprecedented levels, Joseph told DL News.
Open interest is a metric that reflects the total number of futures contracts outstanding. High open interest tends to be due to speculative frenzy.
In that sense, the market needs the current cooling period or price consolidation before we see the typical rapid price expansion of Bitcoin and other digital assets, Joseph said.
Last week was the worst period in spot Bitcoin exchange-traded fund outflows since March to the tune of $620 million.
The short-term outflows from the spot Bitcoin ETFs have also contributed to the negative sentiment in the market, adversely affecting the price action of the asset, Joseph said.
However, the upcoming launch of Ethereum ETFs, coupled with the recent positive macroeconomic data, suggests that Bitcoin and major crypto assets are likely to soon reverse their trend and aim for new cycle highs.
Once the biggest crypto exchange in the world, Mt. Gox has loomed over the industry since it collapsed in 2014 after being hacked.
The reason? Roughly $9.2 billion worth of Bitcoin has been held up in the bankruptcy, waiting to get paid back to creditors.
Now it looks like those 142,000 Bitcoin could flood the market any time before October 31, Mt. Goxs final deadline for repayments.
The market could simply be waiting for these redemptions to occur.
A mass Bitcoin redemption event is unlikely, David Duong, head of research at crypto exchange Coinbase, recently told DL News. But concerns around these repayments could still constrain liquidity as market players may avoid deploying new capital amid the uncertainty.
Bitcoin miners are also putting pressure on the top cryptocurrencys price.
While the halving constrained the amount of new Bitcoin that mining firms can create and sell, most of these operations still hold formidable Bitcoin reserves.
The sector has dumped roughly $300 million of its Bitcoin reserves since the beginning of the year, according to analytics firm CryptoQuant.
And Marathon Digital, the largest publicly listed US miner, has offloaded more than $92 million in June alone about 8% of its billion-dollar stash.
Eric Johannsson and Tom Carreras write about markets for DL News. Got a tip about Bitcoin? Reach out at eric@dlnews.com or tcarreras@dlnews.com
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Nasdaq just notched its seventh straight record high why hasn't Bitcoin budged? - DLNews
Bernstein raises Bitcoin price target forecast to $200K, says buy the dip By Investing.com – Investing.com
Investing.com -- Analysts at research and brokerage firm Bernstein have raised their price forecast to $200,000, up from their previous target of $150,000.
Bitcoin and crypto-related stocks remain underrated and are ripe for institutional inflection as pessimism from past regulatory hurdles fades, the analysts wrote in a note on Thursday.
"We remain convinced in our Bitcoin new cycle thesis," the analysts wrote, adding that Bitcoin has been increasingly adopted by institutional investors and global asset managers. This adoption, they believe, is just the beginning, with the next wave of demand expected to come from crypto bystanders.
The note highlights that Bitcoin ETFs are far from done. Since BlackRock (NYSE:) filed its Bitcoin ETF application on June 15, 2023, Bitcoin has surged by 150%. While early Bitcoin ETF allocations were driven by retail investors, with institutional share at 22%, Bernstein sees strong growth ahead. "We see Bitcoin ETFs as on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4," the analysts noted.
The report also addresses the skepticism from bears who argue that ETF flows are not genuine, pointing out that institutional interest is initially driven by the basis 'cash & carry trade' rather than 'net long' positions. However, Bernstein views this basis trade as a "trojan horse" for adoption, with these investors gradually evaluating 'net long' positions as they become comfortable with improving ETF liquidity. They expect Bitcoin ETF inflows to accelerate in the third and fourth, viewing the current market as offering new entry levels before the next wave of institutional demand picks up.
Bernstein's analysis also reveals that Bitcoin's portfolio allocations have ample headroom for growth. Thirteen-F filings show that 22% of AUM is driven by institutional investors, with hedge funds accounting for about 36% of the institutional allocation. The analysts believe that the next step for these investors is to evaluate 'long' positions. They also highlight that financial advisors, primarily small to mid-sized with 0.1-0.3% of their portfolio allocated to Bitcoin ETFs, are beginning to drive actual demand.
"We believe growth will be driven by larger advisors approving ETFs and substantial allocation headroom within existing portfolios," the note said.
Bernstein draws a parallel between Bitcoin's current price levels and previous cycles, suggesting that Bitcoin in the $60Ks today is equivalent to Bitcoin under $10K in June 2020. "Bitcoin, despite its rally, is still in an early cycle and we see it as attractive here," they noted.
Asset managers have every incentive to push harder on marketing and distribution to scale their crypto business," the note concluded.
3 reasons why Bitcoin price struggles to reclaim $64K – Cointelegraph
Bitcoin (BTC) dropped below $64,000 for the first time in over a month on June 21. Data from Cointelegraph Markets Pro and TradingView shows that BTC dropped from an opening at $64,840 to an intra-day low of $63,451.
The last time Bitcoins price traded below $64,000 was on May 15, when it rose from a low of $61,299 to set a swing high at $71,980 on May 21, fueled by excitement about aspot Ether (ETH) exchange-traded fund (ETF) approval.
At the time of publication, the largest cryptocurrency by market capitalization was trading at $63,552, down 3.54% over the last 24 hours.
The broader crypto market capitalization is also down 3.24% over the same period to rest at $2.33 trillion, while Ether (ETH) was down 2.25% to $3,475.
Lets look at some of the reasons why Bitcoin leads the market in a correction.
Investors risk-off sentiment is evident across the spot Bitcoin ETFs, where investorshave been withdrawing their capitalfor days.
On June 19, spot Bitcoin ETFs in the U.S. recorded outflows for the fifth consecutive day, bringing the total withdrawals for the week to $900 million. This is the highest outflow activity since late April.
According to data from the crypto research platform SoSoValue, the 10 listed ETFs lost approximately $140 million on June 20.
Grayscales GBTC, which has mostly seen outflows since its conversion to an ETF on Jan. 10, led with $53.1 million outflows, followed by Fidelitys FBTC at $51.1 million. VanEcks ETF reported $4 million in net outflows, while the funds from Invesco and Galaxy Digital saw $2 million in net outflows.
BlackRocks IBIT, the biggest ETF by assets held, was the only product with net inflows totaling $1.5 million. Other funds from ARK Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
The total trading volume for the spot Bitcoin ETFs on June 20 amounted to $1.16 billion, down from $1.7 billion on June 18. The market was closed on June 19 for a public holiday.
Another reason why Bitcoins price continues to scale downward could be reduced demand due to declining network activity.
Data from Glassnode reveals that daily active addresses on the Bitcoin network have dropped from 971,789 addresses on April 4 to 632,620 on June 20. This marks a 35% decrease over the last 90 days.
Popular analyst Ali Martinez also observed the reduced activity on the Bitcoin blockchain. In a June 21 post on the X social network, he shared a Glassnode chart showing that Bitcoin exchange inflow volume has been on a downward trend over the last three months.
Decreasing onchain activity suggests a waning demand for BTC within the ecosystem, which weighs down on its price.
From a technical perspective, Bitcoins price decline today is part of a broader correction that started after it was rejected from the $72,000 resistance level on June 7. During this drawdown, BTC has lost key support levels, including the 50- and 10-day exponential moving averages (EMAs), which are currently at $66,724 and $66,594, respectively.
The 200-day EMA ($64,294) provided the last line of defense for Bitcoin.
At the time of publication, BTCs price was breaching the support provided by the 200-day EMA, accompanied by a 15% rise in daily trading volumes, signaling the activation of the continuation of the sell-off.
On the downside, the key levels to watch at $60,000 and the $56,500 swing low.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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3 reasons why Bitcoin price struggles to reclaim $64K - Cointelegraph
Bitcoin analyst optimistic of buying BTC lower as 3 trendlines fail – Cointelegraph
Bitcoin (BTC) failed to reclaim $65,000 after the June 18 Wall Street open as analysts predicted further BTC price downside.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to maintain support near key trendlines.
Bitcoin (BTC) shed another 3% on the day, continuing a downtrend now responsible for up to $7,900 of losses since it began on June 9.
With various support levels now on the radar, market participants began to warn that many of these lacked conviction under current conditions.
For Keith Alan, co-founder of trading resource Material Indicators, multiple moving averages (MAs) were now a problem after spot price slipped through them.
I set a trailing stop loss before leaving town to protect some profits in case Bitcoin dumped. That wick to $64k last night scaled me out of a position, he revealed to followers on X.
Next up for a retest, as Cointelegraph reported, was the short-term holder cost basis at just under $64,000 as of June 18.
BTC approaching short-term holders cost basis around $63.8k, dont want to see consecutive days closed below. Typically serves as a good line in the sand for trends, William Clemente, co-founder of crypto research firm Reflexivity, wrote in part of a commentary on the topic.
Analyzing order book activity, popular trader Daan Crypto Trades warned that spoofing was rife, with large blocks of liquidity being posted and removed in a possible attempt to drive BTC price in a certain direction.
A good bunch of those orders got filled, he acknowledged as BTC/USD headed lower after the Wall Street open.
Updating Telegram channel subscribers, trading firm QCP Capital offered an alternative perspective on crypto market forces.
Related: Why is the crypto market down today?
Far from bad news, it suggested, Bitcoin and altcoins were suffering from a lack of news altogether.
While BTC seems to have sneezed, alts seemed to have caught a cold as they drop 20-30% over the weekend, it wrote.
QCP thus suggested a wait-and-see approach to boring markets.
The total altcoin market cap traded down 7.5% on the day at $219.06 billion.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin analyst optimistic of buying BTC lower as 3 trendlines fail - Cointelegraph
Here’s How Much Outflows the Spot Bitcoin ETFs Saw Last Week as BTC Drops 3% – CryptoPotato
Most US-based spot Bitcoin ETFs have started to see substantial withdrawals and the total amount has shot up to more than $500 million in the past week alone, even though it was just a four-day trading week.
These developments have undoubtedly harmed BTCs price movements, which have been closely related to the ETF flows.
Ever since mid-January, when the US SEC reluctantly approved nearly a dozen spot Bitcoin ETFs, these financial vehicles have been at the forefront of investor adoption, especially from those who refrained from entering the landscape before this regulatory nod.
There have been a few trends established in the past five months or so. It all started quite positively as the ETFs saw consecutive days of inflows from January 26 to February 20. Things changed in late April and early May when investors pulled out a lot, especially on May 1.
The tides turned once again in mid-May to early June when the ETFs established their longest streak of positive flows (19 days). Yet, the uncertainty in the US economy, including the Feds refusal to reduce the interest rates, have turned the tables in the past ten days or so.
In fact, there have been outflows in the past eight out of nine trading days. The only exception was on June 12, with $100.8 million in inflows.
The past week, even though trading on Wall Street was open for just four days, saw only withdrawals. According to FarSide, just shy of $550 million was pulled out of the ETFs.
Interestingly, Fidelitys FBTC has seen the most outflows, surpassing even Grayscales GBTC. On Friday, $44.8 million was taken out of FBTC and $34.2 out of GBTC. Ark Invests ARKB was also in the red.
As mentioned above, BTCs price movements have been strongly correlated to the ETF flows. As such, its no surprise that the underlying asset has underperformed in the past week or so.
Aside from a brief spike from $66,000 to $67,200 on Monday, bitcoin has been predominantly losing value. This culminated yesterday evening when it slumped to a five-week low of $63,300. Despite recovering about a grand since then, BTC is still about 3% down on the week, and its market cap has declined to $1.265 trillion.
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Here's How Much Outflows the Spot Bitcoin ETFs Saw Last Week as BTC Drops 3% - CryptoPotato
Expert Says Shiba Inu Could Reach $0.003 if Bitcoin Hits $150K – The Crypto Basic
Wizard Crypto expects Shiba Inu (SHIB) to hit a target of $0.003 if Bitcoin trades at $150,000 per coin in the upcoming bull run.
The crypto market has continued to witness a broader onslaught, wreaking havoc on the prices of top assets like Shiba Inu and Bitcoin. While BTC dropped to a weekly low of $63,554, SHIBs price crashed to a low of $0.00001742 in the same timeframe.
Despite the recent bloodbath, market participants expect these assets to embark on a significant recovery during a bull run.
In particular, pseudonymous crypto expert Wizard Crypto recently projected that BTC will reach a price target of $150,000 per coin during the peak of this seasons bull run.
The target aligns with a similar prediction issued by British multinational banking giant Standard Chartered. As reported earlier, Standard Chartered projected that BTC would hit $150,000 by the end of 2024.
Furthermore, Wizard Crypto also projected that Shiba Inu could hit a target of $0.003 within the same period BTC is anticipated to reach $150,000. Hitting the $0.003 target would require Shiba Inu to rally 16,520% from its current price of $0.00001805.
Notably, the expert did not indicate any factor that could propel SHIBs price for a surge toward the $0.003 level. However, Wizard Cryptos prediction suggests that they are relying on Shiba Inus correlation with Bitcoin to drive the price of SHIB to $0.003.
Besides Wizard Crypto, other prominent experts have also issued a similar $0.003 price target for Shiba Inu. However, they believe Shiba Inu would wait several years before achieving the feat.
For instance, experts at crypto trading platform Changelly projected that SHIB would hit the $0.003 target by 2040, 16 years from now. In addition, crypto prediction platform Telegaon expects the $0.003 price target to become a reality by 2035. Furthermore, popular AI chatbot ChatGPT forecasted that SHIB could hit the target by 2044, almost 20 years from now.
Although SHIB experienced more remarkable growth in 2021, it will take more than its correlation with Bitcoin to reach $0.003 if BTC hits the $150,000 mark.
Nonetheless, several factors, including an unprecedented level of adoption, increased utility, and hefty burns, could play a pivotal role in SHIBs potential surge to the $0.003 level.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Expert Says Shiba Inu Could Reach $0.003 if Bitcoin Hits $150K - The Crypto Basic
Heres XRP Potential Surge If Bitcoin Achieves $1M as Predicted by Bernstein – The Crypto Basic
XRP could similarly enter unprecedented price territories if Bitcoin attains the $1 million that Bernstein analysts anticipate.
XRP has been stuck in a holding pattern, lingering just shy of the $0.50 mark for days. As of now, XRP is trading at $0.486, reflecting a modest loss of 1.08% in the last 24 hours. However, over the past month, XRP has bled a more substantial 8.35% of its value.
This lackluster performance extends its year-over-year trend, with investors holding XRP at a 4.66% loss since 2023. Meanwhile, XRP is hoped to be among the beneficiaries of a buoyant crypto market in which the premier asset, Bitcoin, trades at a $1 million price point.
Market watchers at billion-dollar asset manager Bernstein are among the latest industry pundits to forecast a $1 million value for Bitcoin. Their recent analysis suggested that the premier crypto could attain this ambitious threshold within the next nine years.
Meanwhile, former Twitter CEO Jack Dorsey has voiced a more audacious timeline. During a podcast in May, Dorsey argued for a $1 million Bitcoin price within the next six years.
Notably, at a $1 million price, Bitcoin could command a market cap of $20 trillion. Given Bitcoins typical dominance of around 50%, this suggests that the overall cryptocurrency market, including leading altcoins like XRP, could reach a combined market cap of $20 trillion.
Essentially, XRP stands to benefit significantly from Bitcoins surge to $1 million. Accordingly, this raises the question of what XRPs value might be in such a scenario.
For Bitcoin to reach $1 million, it would need to increase by 1,456% from its current value of $64,246. If XRP experiences a similar percentage growth from its current price of $0.486, it would reach approximately $7.56.
Notably, altcoins are known for often outperforming Bitcoin, meaning XRP could potentially exceed this projected growth if Bitcoin follows such a trajectory.
Prominent crypto community analysts dispute that it could take more than six years for XRP to reach $7.56. Optimistic voices like analyst EGRAG and crypto founder Nick predict that XRP could surpass $10 by next year.
Some even argue that XRP might reach between $200 and $500 by 2030, though critics dismiss these projections as overly optimistic.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Heres XRP Potential Surge If Bitcoin Achieves $1M as Predicted by Bernstein - The Crypto Basic
Traders unbothered by Bitcoin’s sub-$65K levels, say BTC price remains ‘high and steady’ – Cointelegraph
Bitcoins (BTC) price continued its correction on June 18, dropping 1.41% and 6.5% over the last 24 hours and seven days, respectively.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC)dropped to a one-month low of $64,237 after losing the key support provided by the psychological $65,000 level.
Similarly, the total market capitalization has dropped by 2% over the last 24 hours to rest at $2.33 trillion at the time of publication. The 60% leap in the total trading volume is testimony to the sell-side intensity in the crypto market.
Bitcoins drop below $65,000 has led to massive liquidations across the crypto market.
Data from Coinglass shows that over the last 24 hours, $61 million worth of long Bitcoin positions have been liquidated against $24 million worth of short liquidations.
Approximately $372 million of leveraged long crypto positions were liquidated in the 24 hours against $61.8 million short positions.
Despite this poor momentum across the entire crypto sector led by Bitcoin, analysts are still optimistic about BTCs recovery in the next few weeks.
While altcoins have faced a significant long squeeze, BTC leverage remains high and steady, K33 Research analysts wrote in a report published on June 18.
The analysts sentiments appear to have been informed by Bitcoins mild and choppy price action as it consolidates in an ascending wedge, as observed by independent analyst Jelle.
Jelle shared the following chart in a June 18 post on X, showing the BTC price coiling up in an ascending wedge. According to the analyst, the latest drop has seen the price of the pioneer cryptocurrency reach an area of interest the wedges ascending trendline.
Above that, the analyst sets a six-figure target for Bitcoins price at $100,000.
Similar ambitious targets were set by fellow analyst Moustache, who explained that the BTC price was forming an inverse head-and-shoulders pattern during the daily timeframe, as shown in the figure below.
If confirmed, the price could rise with the patterns target of $87,500.
Rekt Capital said that Bitcoin has been in a constant downtrend throughout June, adding that the price needs to break out of the downtrend to initiate a price reversal.
Related: Buy the dip? Bitcoin price drops to new 1-month lows of $64K
Meanwhile, pseudonymous analyst Yoddha said that the price of the pioneer cryptocurrency displayed a similar setup to that witnessed during the 2015-2017 cycle.
According to the following charts shared on X, the analyst explained that the currency correction is just a healthy pull-back setting up BTC from a massive breakout on the upside, as it happened in 2017.
Daan Crypto Trades noticed a high liquidity level at $65K and $66.3K, which he explained could act as a magnet when price trades close to it.
CoinGlass data indicates that $64,100 is a significant area of bid liquidity just below the spot price, with about $47 million in buy orders.
This area could provide the demand pressure required to pull BTC out of the extended downtrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Traders unbothered by Bitcoin's sub-$65K levels, say BTC price remains 'high and steady' - Cointelegraph
Hashdex files with SEC for combined spot Bitcoin and Ether ETF – Cointelegraph
Hashdex has proposed in a June 18 filing with the United States Securities and Exchange Commission (SEC) to create a combined spot Bitcoin (BTC) and Ether (ETH) exchange-traded fund (ETF) on the Nasdaq exchange.
The proposed ETF would balance the crypto assets according to their market capitalizations, cited as 70.54% Bitcoin (BTC) and 29.46% Ether (ETH) on May 27. Its passive investment strategy would track the daily market movement on the Nasdaq Crypto US Settlement Price Index without trying to beat it.
A combined-asset ETF makes a lot of sense, analyst James Seyffart said. The ETF would not invest in other spot assets besides BTC and ETH. However, it added:
Crypto assets are eligible for inclusion under a set of rules that includes being currently listed on a U.S.-regulated digital asset trading platform or serving as the underlying asset for a derivative instrument listed on a U.S.-regulated derivatives platform, the filing said.
Related: Former Binance.US CEO joins Hashdex board
Both Coinbase and BitGo will serve as custodians for the BTC and ETH assets. They will offer segregated accounts for individual shareholders.
Brazil-based investment manager Hashdex filed with the SEC to create an ETH ETF but later withdrew its application. Its indexed crypto ETF traded in Brazil contains nine coins, with BTC and ETH accounting for nearly 92% of the value. Its U.S.-traded spot BTC ETF contains up to 5% BTC futures contracts and acquires the spot asset on the CME.
Hashdex is still required to file and receive SEC approval on an S-1 application. The agency has 90 days to respond to the 19-b4, during which time it will accept comments from the public and other financial institutions on the proposal. According to Seyffart, a final SEC decision on the fund should be seen no later than March 2025.
Magazine: Ethereums recent pullback could be a gift: Dynamo DeFi, X Hall of Flame
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Hashdex files with SEC for combined spot Bitcoin and Ether ETF - Cointelegraph
Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA – Cointelegraph
Exposure to Bitcoin and Ether, the two largest cryptocurrencies, will significantly boost the returns of traditional investment portfolios.
Adding Bitcoin (BTC) and Ether (ETH) to investor portfolios will greatly improve the return on investment (ROI), according to Philippe Meyer, head of digital and blockchain solutions at BBVA.
During a panel at the Web3 Corporate Innovation Day, Meyer said that the firm had observedthat introducing a small portion of digital assets like Bitcoin or Ether is greatly improving the performance of investment portfolios:
Meyer said that a portfolio allocation of 3%5% in cryptocurrency can significantly boost investor returns:
Meyers comments come amid a crypto bull cycle, with Bitcoins price up over 146% over the past year, trading above the $65,383 mark, according to CoinMarketCap data.
Related: TRUMP token whale sells for $3.7M profit as memecoin starts decline
During 2024, Bitcoins price has significantly outperformed the return of the S&P 500, the stock market index tracking the performance of the 500 largest publicly listed firms.
Since the start of the year, Bitcoins price is up over 47% year-to-date (YTD), while the S&P 500 only rose 15% meaning that BTC has outperformed the index by over threefold, TradingView data shows.
Zooming out, the discrepancy in returns is even larger. On the yearly timeframe, BTC is up 147%, while the S&P 500 is only up 24%, meaning that BTC has outperformed the index by over sixfold.
However, Bitcoin has lost some steam in the short term, falling 2.3% on the monthly chart, while the S&P 500 rose 2.8% during the same timeframe.
Related: Bitcoin price clusters hint at more downside: Is BTC about to lose $64K support?
Bitcoins price is currently in a correction, following slowing inflows from the United States spot Bitcoin exchange-traded funds (ETFs).
Last week, the U.S. Bitcoin ETFs broke a streak of 20 consecutive days of net positive inflows and registered three days of negative outflows. The ETFs saw over $145 million worth of outflows on June 17, according to Farside Investors data.
The primary reason behind the outflows is ETF investors lacking conviction and selling below their initial cost basis, according to Jag Kooner, head of derivatives at Bitfinex.
Kooner told Cointelegraph:
Magazine: Roaring Kittys GME shares hit $1B, BTC open interest soars, and other news: Hodlers Digest, June 28
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Bitcoin and Ether can 'greatly improve' portfolio performance: BBVA - Cointelegraph