Crypto Market Bleeds Again, Correction Continues as ETF Outflows Outweigh Inflows for First Time 19 Days

Bitcoin-Miner’s-Revenue-Crash-to-an-All-time-Low
  • The crypto market bleeds heavily as it faces two consecutive price dips.
  • A major reason causing this dip is the fact that Bitcoin Spot ETF outflows have risen.
  • For the first time in 19 days Bitcoin Spot ETF outflows outweigh the inflows.

The crypto market bleeds red once again just after a dip caused by what the community expected to be a normal correction phase. As Bitcoin (BTC), Ethereum (ETH), and other popular crypto dip in price, the crypto community scrambles to make sense of it.

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To highlight, the top likely reason for the cause behind this second, more crucial dip could be in relation to the break in steady ETF inflows. As we can see from the post above, Wu Blockchain marks an astounding record for Bitcoin Spot ETF inflows and outflows. 

In detail, the total outflow of Bitcoin Spot ETF was $64.931 million, making it the first outflow following 19 consecutive days. Grayscale ETF saw $39.536 million in outflows while Bitwise saw $7.591 million and BlackRock saw $6.343 million.

What’s more puzzling about this dip is the fact that it followed a dip caused by corrections. Most crypto community members are baffled by the fact that BTC holders are selling Bitcoin just before the arrival of the golden bull run. 

Meanwhile, other analysts see this dip as a healthy extension to the correction phase and are quite confident that the rally following the dip will be more fruitful because of it. Another notable observation is the fact that almost all coins were affected by this second dip.

To specify, coins like TON, NOT, and JASMY did not dip as much as other popular cryptos during the first initial dip. This led analysts to believe that the coins had been overbought or were experiencing high volumes which was not healthy for the token prices. 

However, it seems that the coins are back in a good place marketwise as the second dip led to a drop in their price value as well. This adds on again to the expectation of the seasoned analysts who believe a healthy price pump will follow for almost all assets very soon.

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