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Bitcoin Surges Past $64K Despite ETF Outflows: Market Insights

In the early afternoon of East Asia’s trading day, Bitcoin (BTC) is soaring above the $64K mark, despite a notable uptick in outflows from bitcoin exchange-traded funds (ETFs).

Market data indicates that U.S.-listed ETFs saw a substantial daily net outflow of $217 million, contributing to a total outflow of $244.49 million for the week thus far. JPMorgan’s analysis reveals a weakening correlation between bitcoin ETF prices and inflows, dropping from 0.84 in January to 0.60 in recent assessments, suggesting a reduced alignment between BTC prices and spot ETF flows.

Traders are particularly attentive to the outflow from Grayscale’s converted bitcoin ETF (GBTC) due to its significant size. SoSoValue’s data reveals a notable outflow of $417 million from GBTC since Monday, yet BTC prices have managed to climb despite this trend.

Furthermore, liquidation data, as reported by GoinGlass, appears relatively stagnant, with $60 million in liquidations over the past 24 hours. Among these, BTC accounted for $13.48 million, while roughly $7 million in shorts were liquidated against $6.17 million in longs.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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