In the early afternoon of East Asia’s trading day, Bitcoin (BTC) is trading above $64,000 despite a notable increase in withdrawals from bitcoin exchange-traded funds (ETFs).
The U.S.-listed ETFs saw a $217 million daily net outflow, according to market statistics. With this, the outflow for the entire week is now $244.49 million.
JPMorgan claims that the relationship between the price of bitcoin ETFs and inflows has become less strong, with recent evaluations showing a correlation of 0.60 compared to a high of 0.84 in January. This suggests that the alignment between spot ETF flows and BTC prices has decreased.
April 2024, Cryptoniteuae
📧 The Gulf reads Cryptonite first
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