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The monthly outflow reached a record of $3.6 billion in February of this year. With the last week of November included, this record might be surpassed.
Investors also pulled out $2.2 billion from the biggest Bitcoin ETF, IBIT, overseen by BlackRock.
On Monday, Bitcoin's price dropped 2.6%, reaching $85,700. Since the start of the year, the cryptocurrency has declined by around 7%.
Analysts from Citi Research observe that ETF outflows are worsening the cryptocurrency's adverse trends, whereas inflows are boosting its expansion. Their estimates suggest that a $1 billion withdrawal from Bitcoin investment funds results in a 3.4% decline in Bitcoin's value, and the opposite is true as well.
source: bloomberg.com
Investors also pulled out $2.2 billion from the biggest Bitcoin ETF, IBIT, overseen by BlackRock.
On Monday, Bitcoin's price dropped 2.6%, reaching $85,700. Since the start of the year, the cryptocurrency has declined by around 7%.
Analysts from Citi Research observe that ETF outflows are worsening the cryptocurrency's adverse trends, whereas inflows are boosting its expansion. Their estimates suggest that a $1 billion withdrawal from Bitcoin investment funds results in a 3.4% decline in Bitcoin's value, and the opposite is true as well.
source: bloomberg.com
