Bitcoin Faces Bearish Sentiment Amid Market Volatility & ETF Outflows

In the dynamic world of cryptocurrency, price is essential for trading and investment. On Wednesday, crypto coins looked red in sentiment, and the broader market was volatile due to the following charge from Federal Reserve Chair Jerome Powell’s recent evidence. The leading coin, Bitcoin (BTC), faced bearish again, reflecting a 2% loss in price in the past 24 hours.

Furthermore, major altcoins experienced a red indication, but they dropped prices from 3% to 5% today. Market participants have cautioned about the US PI and the PPI data set to be released. The global crypto market decreased 2.14% and reached 3.16 trillion, as per coinmarketcap. However, the Fear and Greed index stood at 35, indicating a fear sentiment.

Bitcoin Price & US Spot BTC Net Inflow

At the time of press the leading coin (BTC) trading at $96,059.97, marking a 2% decrease. Its market cap also decreased by 2% and reached $1.09 trillion. Whereas, Bitcoin market volume was up 12%, indicating a bullish sentiment; its volume stood at $37.52 billion. Its 24-hour low and high were $97K-96K, respectively.

According to the Sosovalue, the US Spot Bitcoin Exchange Traded Fund saw a $56.7 million outflow on Tuesday. Fidelity FBTC led this outflow with $43.6 million. However, Franklin EZBC and Invesco BTCO also experienced an outflow of $11 million and $9.5 million, respectively. Blackrock IBIT (shares) was the only ETF that booked a $23.8 million inflow.

According to the coinglass, On wednesday Bitcoin $43.33 million worth have been liquidated.

Ethereum Price & ETH Net Inflow

Ethereum (ETH), the second largest crypto coin by market cap, is having difficulty recovering its price. At the time of writing, ETH’s price was down 3% over the past 24 hours and trading at $2,616.06. Its crypto market cap price also dropped 3% and reached $315.68 billion. Its market value increased 6% in a single day. Its 24-hour low and high were $2708- $2616, respectively.

According to the farside investors, the US Spot Ethereum Exchange Traded Fund experienced a $12.6 million inflow yesterday. Blackrock ETHA, the largest ETF by net asset, was the only one to see a $12.6 million inflow. However, other ETFs had zero flow.

Furthermore, Ethereum saw nearly $44 million worth of liquidations in the past 24 hours, per Coinglass data.