Bitcoin (BTC) experienced a sharp market downturn this month, breaching the significant psychological threshold of $80,000. This correction is primarily linked to unprecedented capital flight from U.S. spot Bitcoin Exchange-Traded Funds (ETFs), which registered total net monthly outflows reaching approximately $1.6 billion.
This period of sustained selling pressure officially marks the third-worst month on record for the performance of these ETFs since their January launch. The magnitude of the outflows indicates a severe shift in investor sentiment, moving away from the aggressive accumulation trends observed earlier in the year.
Analysts attribute the mass withdrawals to several factors, including widespread profit-taking by long-term holders following the cryptocurrency’s rally, and increased risk aversion driven by persistent macroeconomic uncertainty. Specifically, concerns over sustained high interest rates have dampened appetite for risk assets like Bitcoin. If the trend of high-volume ETF outflows continues, experts warn that sustained downward pressure could see BTC test further critical support levels.
Source: BTC drops below $80,000 following $1.6 billion in monthly ETF outflows, third-worst month on record
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