BTC Price Declines 17.5% as Net Outflows from the Bitcoin ETF Approach $500M this Week.

Bulls in Bitcoin prepare for widespread volatility as the price of the cryptocurrency drops from recent all-time highs to $12,000.

Weakness in Bitcoin price targets $60,000.

Data showed again another night of declines in the price of bitcoin, which on Bitstamp had so far peaked at $60,760.

Currently, down 17.5% from its peak, selling pressure on BTC/USD persisted due to multiple significant obstacles.

These include withdrawals from US spot Bitcoin exchange-traded funds (ETFs) and the Federal Reserve’s interest rate decision dated March 20.

The Federal Open Market Committee’s (FOMC) decision is almost certain, but risk assets should closely monitor Fed Chair Jerome Powell’s subsequent remarks.

Part of a recent analysis on X (previously Twitter) by trading site The Kobeissi Letter stated, “With the Fed meeting less than 24 hours away, it’s unlikely the Fed changes rates tomorrow.”

But with the current developments, all eyes will be on direction. We continue to believe that it would be premature to change course.
According to the most recent projections from CME Group’s FedWatch Tool, there is just a 1% likelihood of a “pivot,” or a return to rate decreases, for the FOMC meeting in May and a 9.1% chance for March 20.

Analyst: Before the Bitcoin ETF recovers, “some chop first”
Meanwhile, data from UK-based investment firm Farside shows that net outflows from spot ETFs occurred for a second day in a row.

Although the withdrawal from the Grayscale Bitcoin Trust (GBTC) was less than the record $642 million that occurred on March 19, the data were unimpressive due to the poor inflows to the other ETF products.

Financial analyst Tedtalksmacro retorted, “Nearly $500M USD has flowed out of spot BTC ETFs in the past two trading days.”

Potential causes of the slowdown include traders taking a wait and see attitude prior to FOMC (or simply exiting the market) and the US tax season. After some cuts, regular programming will resume.

Related Posts

Benefits of Using a Cold Storage Wallet 1140x855 1

Best Cold Wallets for Storing Bitcoin Safely in 2025

Cold Wallets have become the gold standard for long-term Bitcoin storage, combining air-gapped security with user control. As the crypto space matures, 2025 brings new entrants and refinements to established…

Read more
Web3 AI

Web3 AI, BNB, or Solana: An In-Depth Analysis of Their Upside Potential

Introduction The digital world is in the midst of a transformational era. From decentralized finance to automated decision-making systems, the convergence of blockchain and artificial intelligence is giving rise to…

Read more
Binance

Binance Retail Inflows on the Rise: What the Data Says About User Base Differences

Introduction Over the past year, the cryptocurrency market has experienced a whirlwind of developments—from regulatory tightening in major jurisdictions to remarkable price recoveries in leading tokens like Bitcoin and Ethereum….

Read more
BNB Chain and the Web3 Blueprint

BNB Chain and the Web3 Blueprint: Unlocking New Opportunities in Blockchain

Introduction The evolution of blockchain technology has been nothing short of revolutionary. From the early days of Bitcoin to the massive ecosystem that exists today, blockchain has transcended beyond just…

Read more
BNB Chain

Exploring the $100M BNB Chain Incentive Program Upgrade

Introduction: A New Era for Web3 Development on BNB Chain The BNB Chain ecosystem has always been synonymous with innovation, scalability, and accessibility in the decentralized space. Since its inception,…

Read more
BNB Chain

What’s New on BNB Chain? A Comprehensive Look at Emerging Projects

Introduction The world of blockchain continues to evolve rapidly, and BNB Chain—formerly known as Binance Smart Chain—is at the forefront of this transformation. With its low fees, fast transaction speeds,…

Read more

Leave a Reply

Your email address will not be published. Required fields are marked *