Posted 1/16/2024, 7:12:00 AM
Bitcoin Price Drops 12% Since New ETF Launch as Traders Take Profits
- Bitcoin price has dropped 12% from $48,975 high reached when spot ETFs began trading last Thursday
- Data shows selling pressure and capital outflows concentrated on Binance, OKX, and Upbit exchanges
- Binance saw net outflow equivalent to nearly 5,000 BTC as traders took profits or "sold the fact"
- Second largest outflow was on Upbit, followed by Itbit and OKX
- Initial ETF performance weaker than projected, supporting case for further Bitcoin price drop to $40,000 or lower