![Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k 9 Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k 9](https://cryptonews24.eu/wp-content/uploads/2022/04/Poltics-leader-Bitcoin.jpeg)
The current trade price of Bitcoin (BTC) is 67,647 & this price significantly plummeted from $70,185. Net trade price crashed by nearly 4%.
The trade price of Bitcoin dropped to its lowest point in a week before U.S. inflation data and a Fed meeting on Tuesday. It means people are already expecting that they will get bearish news for Bitcoin soon.
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Meanwhile, the U.S. Bitcoin spot ETFs saw their first net outflow in over 19 trading days.
In particular, the Grayscale Bitcoin Trust (GBTC) saw the largest net outflow at $39.5 million, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million, and a smaller outflow of $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).
Last day, the net outflow of money outflow from the BTC ETF market was $64.9318 million.
Popular Crypto influencer Lark Davis noted that currently, 1 million Bitcoins are in the bag of Bitcoin spot ETF issuers globally. In short 34 BTC spot ETF issuers hold 5% of the total supply of Bitcoin.
Davis said that these ETF issuers could control 10-20% during the bull run. This potential increase in ETF holdings could lead to a significant supply shock, impacting Bitcoin’s trade price. He suggested Bitcoin investors remain ready for this change.
Increasing Bitcoin spot ETF adoption
According to many reports, the majority of the private & public funds in the US are in the due diligence process, so that they can include Bitcoin in their investment portfolio.
Read also: Elon Musk says he will ban Apple smartphones from his companies
Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k
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