Bitcoin ETF outflows nearing $500M as BTC price plunges 17.5% this week

Bitcoin (BTC) faced the possibility of a significant drop below $61,000 on March 20, as experts cautioned that support levels could be breached. BTC/USD charts showed that the cryptocurrency’s price had already fallen to a low of $60,760 on Bitstamp, representing a 17.5% decline from its all-time high. This downward pressure on BTC was attributed to factors such as outflows from US-based spot Bitcoin exchange-traded funds (ETFs) and the upcoming decision on interest rates by the Federal Reserve. Market analysts predicted that there would likely be some volatility in the market before a potential rebound in Bitcoin ETFs. Despite the lower outflows from the Grayscale Bitcoin Trust (GBTC), the lack of significant inflows to other ETF products raised concerns about the strength of BTC prices. Experts warned that this second consecutive day of net outflows from BTC ETFs could have serious implications for the cryptocurrency’s value. However, readers should note that this article does not provide investment advice and individuals should conduct their own research before making any financial decisions.