Bitcoin Price After a $643 Million ETF Outflow: Here Are the Reasons

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Some context: $643.33 million flowed out of the US bitcoin ETFs on October 30, the largest daily outflow since June 25. The price still stands at $77,514 on Saturday midday, 0.22 percent above the previous day. Why that is, and what the one-year holding period in December has to do with it.Add as a preferred source on GoogleFollow on Google NewsWhat is documented: the eleven US spot ETFs on Bitcoin recorded a net outflow of $643.33 million on Friday, October 30, as measured by Farside Investors and put at almost the same figure, $643.2 million, by SoSoValue. The bitcoin price stands at $77,514 or €69,212 on Saturday midday, 0.22 percent above the previous day, as of October 31 according to data from CoinGecko. Our assessment follows further down: the outflow measures the behaviour of one particular group of investors and not selling pressure on the spot market, which is why no price target can be derived from it alone. How the outflow is spread across the individual bitcoin ETFs...