Bitcoin (BTC) News: Insights from Arthur Hayes and Peter Brandt on Market Trends
Current Market Conditions Impacting Bitcoin (BTC)
This week has proven difficult for Bitcoin (BTC) as significant outflows from spot Bitcoin Exchange Traded Funds (ETFs) notably influenced its price downturn. After nearly reaching the $60,000 mark, Bitcoin's price has decreased approximately 5%, currently trading at about $56,400.
Notable Outflows from Bitcoin ETFs
Although US markets were closed on Monday, substantial withdrawals resumed thereafter. On Tuesday, spot Bitcoin ETFs recorded a net outflow of $287.78 million. This trend continued with a further withdrawal of $37.29 million on Wednesday, followed by $211.15 million on Thursday. Overall, spot Bitcoin ETFs saw a total outflow of $536.22 million this week, significantly impacting investor sentiment.
Industry Leaders Discuss Bearish Outlook
In light of these outflows, several industry leaders have voiced their bearish perspectives on Bitcoin (BTC). Arthur Hayes, co-founder of the BitMEX crypto exchange, openly announced his short position on Bitcoin, aiming for a target below $50,000.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.