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.
