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Bitcoin's Slump Steepens to 7%, Below US$84,000 Mark at 7Mths+ Low; US BTC Spot ETFs Log Historic Outflows
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The downtrend in cryptocurrencies persisted, with Bitcoin's slump steepening to 7.02%, last at US$83,560, marking its lowest in over seven months. Ethereum last printed at US$2,716, down 8.09%. The recent correction in the crypto market was mainly driven by non-crypto native retail investors, according to a JPMorgan report cited by The Block. Since November, approximately US$4 billion has flowed out of Bitcoin and Ethereum spot ETFs, breaching the record set in February. Meanwhile, retail investors still heavily purchased around US$96 billion in stock ETFs this month, indicating they have not entirely averted risk assets, merely briefly selling off crypto ETFs. JPMorgan believed the correlation between crypto and small-cap tech stocks remains, with the overall uptrend intact. AASTOCKS Financial News Website: www.aastocks.com |
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