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Bitcoin falls below $68,000

Early Tuesday, the value of Bitcoin fell sharply to $67,900. That's down more than 3.3% from Monday's high of around $71,200.

This contraction coincided with significant changes in money flows within Bitcoin exchange-traded funds (ETFs), which turned negative after 19 consecutive days of positive inflows.

Bitcoin Price Drop Leads to Liquidation of Over $100 Million

According to For the data From Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) reported an outflow of $3 million. Similarly, the Invesco Galaxy Bitcoin ETF (BTCO) saw an outflow of $20.5 million and the Valkyrie Bitcoin Fund (BRRR) saw an outflow of $15.8 million.

The Gray Bitcoin Fund (GBTC) saw the largest outflow, with $39.5 million leaving the fund.

In contrast, BlackRock's iShare Bitcoin Trust (IBTC) saw an inflow of $6.3 million. Additionally, the Bitwise Bitcoin Fund (BITB) attracted $7.6 million on the same day.

Despite these gains, the overall impact was a net outflow of $64.9 million across all ETFs. The last day of recorded net inflows among Bitcoin ETFs was May 10.

These changes have had a significant impact on fund balances and market stability, leading to the liquidation of $101 million worth of cryptocurrencies over the past 12 hours. Of this, $94.43 million came from long positions, while short positions saw liquidations amounting to $6.57 million.

Cryptocurrency liquidations
Filtering cryptocurrencies. Source: Quinglass

Despite the recent volatility, leading financial figures maintain a positive outlook for the future of Bitcoin. Robert Kiyosaki, author of “Rich Dad Poor Dad,” advocates Bitcoin as a strategic path to wealth.

“Making millions as an entrepreneur is hard. I know you have to be really smart, dedicated and lucky to become a millionaire by starting your own business. I save Bitcoin because Bitcoin does the hard work for me.” He said Kiyosaki.

Learn more: Bitcoin (BTC) Price Forecast for 2024, 2025, 2026, 2027

As the market processes these changes, sentiment among cryptocurrency enthusiasts remains cautiously optimistic. Although the near future may involve more volatility, the enduring appeal of cryptocurrencies like Bitcoin continues to attract both seasoned and new investors.

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