Bitcoin
Why Bitcoin is down 1.1% in the last hour
Analysis
Bitcoin slipped ~1.1% over the past hour as sentiment weakened following reports of heavy selling pressure in the ETF complex, with US spot Bitcoin ETFs seeing about $410M in outflows alongside BTC dipping below $66K. Derivatives positioning also looked risk-off, with funding rates turning deeply negative and short activity rising, which can weigh on spot prices in the near term.
Contributing Factors (3)
Trump Media files for two new crypto ETFs tied to Bitcoin, Ether, Cronos
US spot Bitcoin ETFs recorded four straight weeks of net outflows, with about $360 million withdrawn in the latest week.
US Spot Bitcoin ETFs See $410M in Outflows as BTC Slips Below $66K
Bitcoin ETFs See $410M Outflows as BTC Falls Below $66K The post US Spot Bitcoin ETFs See $410M in Outflows as BTC Slips Below $66K appeared first on Cryptonews.
Bitcoin Shorts Hit August 2024 Levels as Funding Rates Sink Deeply Negative
After recent liquidations, traders have piled into shorts again, pushing Bitcoin funding rates deeper into negative territory.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.