Intel stock extends gains after report of possible U.S. government stake
U.Today - Data shared by analytics account Spononchain has revealed that spot Bitcoin ETFs have faced a massive Bitcoin withdrawal, which closely approached $1 billion.
The data source showed that the largest daily outflow since the Bitcoin ETF release in 2024 has taken place, as $937.9 million worth of BTC left 11 exchange-traded funds.
Close to $1 billion BTC lost by Bitcoin ETFs
The largest damage was done to Fidelity (FBTC), which faced a withdrawal of $344.7 million. BlackRock’s IBIT followed FBTC with a $164.4 million loss. Bitwise and Grayscale mini ETF have faced a roughly similar withdrawal - of $88.3 and $88.5 million.SpotOnChain says that the data it provided does not include Ark Invest run by renowned investor and Bitcoiner Cathie Woods. However, the tweet says that it might have also seen a major outflow.
This is the first time in almost four months that Bitcoin has plummeted below the $90,000 level. Over the past 24 hours, the largest cryptocurrency has partly restored its losses, adding roughly 2.45% - Bitcoin has managed to rise from $87,000 to $89,020, where it is changing hands at the moment. The price crash took place roughly a week ahead of trade tariffs imposed by the U.S. president on Canada and Mexico. Besides, the Federal Reserve is hesitating as to whether to continue interest rate reduction or turn hawkish again.
Bitcoin ETFs have been trading since mid-January last year, when the SEC approved those filings after many months of waiting.
Binance CEO shares take on market crash
Binance chief executive Richard Teng published a thread on his X account to share his view on what is happening on the crypto market at the moment.First of all, Teng believes that this is “a tactical retreat, not a reversal.” He reminded the community that the market has retraced many times and then “bounced back even stronger.” For this reason, he said, it is worth staying optimistic. The crypto market reacts to macroeconomic shifts, like conventional assets. Still, Teng said: “While a March cut looks less likely now.” He recalled the Bitcoin drop in 2020, when the Federal Reserve began its rate hike.
Teng pointed out that, in reality, the fundamental indicators of crypto are improving. What is happening now, per the Binance CEO, is “a recalibration,” and it is important to stay focused and informed.