The recent approval of spot bitcoin ETFs has caused a significant impact on the cryptocurrency markets, with bitcoin prices plunging and outflows from existing bitcoin-related investments.
Investors Shift Profits to Cheaper U.S. ETFs
Investors are taking profits and moving their money into the cheaper U.S. ETFs, resulting in sizable outflows for Canadian and European ETPs.
“Bitcoin prices fell further as spot bitcoin ETFs face outflows, putting pressure on the market. ”
Outflows from Futures-Based Bitcoin ETFs Exert Pressure on Prices
As futures-based bitcoin ETFs see outflows, they are forced to close their long positions in the futures market, potentially further pressuring bitcoin prices.
