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This Monday, the crypto market suffered an unexpected shock, with strong profit taking that extended into the night. The price of BTC experienced a drop from the border of $100,000 to $94,300 in a matter of minutes. Despite this, Bitcoin spot ETFs showed green numbers during the day.
As data from Farside Investors shows, the token’s exchange-traded funds received $479 million on Monday. Of this, the $394 million from BlackRock’s IBIT fund stands out. It is important to keep in mind that BTC’s decline occurred after the New York Stock Exchange closed.
The latter explains the fact that investors in these products did not make liquidations in the face of such selling pressure. In any case, it can be said that Wall Street was not aware of the plans of some large crypto investors to collect profits. Otherwise, the ETFs would have shown much more negative numbers.
This Tuesday there could be an environment of outflows of these products. Thus, although the Bitcoin ETFs showed green numbers on the first day, it is likely that this Tuesday will be the opposite.
Bitcoin ETFs reflected positive flows this Monday. Source: Farside
Bitcoin ETFs will be decisive this week
A very important aspect of the current scenario in the world of cryptocurrencies is that BTC ETFs have enormous influence. Thus, from the magnitude of this Tuesday’s outflows we could get a rough idea of the depth of the current profit taking. If Wall Street takes it calmly and does not operate greater fund outflows, the price of BTC could return to the bullish direction.
At the time of writing this note, the price of the largest Cryptocurrency is $97,690, with a performance of -0.12 in 24 hours. Meanwhile, the prices of some of the altcoins are attempting to recover some of the lost ground. Among the most pronounced declines of the main currencies, that of ADA stands out, which already has a weekly -18%.
As already mentioned, the big investors on Wall Street seem to have the last word. The latter will have the turn at bat in a few hours when the stock market session opens. In addition to Bitcoin ETFs, major movements are also expected in stocks directly or indirectly related to cryptocurrencies.
Will investors take advantage of the slide to increase purchases or, on the contrary, will there be greater selling? That remains to be seen.
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