Bitcoin Faces Market Decline Amid Spot ETF Outflows & Investor Uncertainty

In the dynamic world of cryptocurrency, the world superpower, the United States, approved five coins as a reserve asset. Despite this, the global crypto market declined 2.59% on Saturday, indicating investor insecurity. Major altcoins Ethereum (ETH), Solana (SOL), and XRP declined in price by 4% to 7%. Likewise, with namecoins set in the red zone, Dogecoin dropped 3% in price over the past 24 hours.

Bitcoin Spot ETFs Sees Significant Outflows & Price Decline

According to Sosovalue, the U.S. Spot Bitcoin Exchange Traded Fund saw a $409 million outflow yesterday. Ark ARKB led this outflow with $160 million. However, Fidelity FBTC logged a $155 million outflow, while BlackRock IBIT had a $39.85 million outflow. Bitwise BITB and Grayscale GBTC also saw outflows, with $18.6 million and $36.5 million, respectively. The other six ETFs had zero flow.

The world’s leading coin, BTC, is trading at $86,173.83, reflecting a 3.40% decline in the past 24 hours. Its market cap, which stood at $1.7 trillion, declined 3.37%, marking buying pressure on the market. Bitcoin market volume was down 16%, indicating investors’ low confidence. Bitcoin market dominance reached 60.4%, as per coinmarketcap.

According to coinglass data, Bitcoin was liquidated worth about $295.54 million over the past 24 hours.

Ether ETF Saw $23 Million Outflow & Market Decline

Ethereum, the second largest coin by market cap, is struggling to recover its price. At the time of press time, the ETH was trading at $2,138.95, marking a 2.65% drop over the past 24 hours. Its market cap reached $258.06 billion. ETH market volume decreased by 17%, showing buying pressure. Many analysts predict that the ETH price could hit $7000 in December.

As per Farside data, Ether ETFs had $23.1 million outflow on friday. BlackRock ETHA, the largest ETF by net asset, had $11.2 million withdrawn from its assets yesterday. Fidelity FETH, the second-largest ETF by net asset, experienced a $11.9 million outflow yesterday. Furthermore, the Other seven ETFs had zero flow.