{"id":598029,"date":"2024-03-15T14:30:56","date_gmt":"2024-03-15T14:30:56","guid":{"rendered":"https:\/\/wncen.com\/?p=598029"},"modified":"2024-06-11T07:57:09","modified_gmt":"2024-06-11T07:57:09","slug":"bitcoin-suffers-crash-to-65000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-suffers-crash-to-65000\/","title":{"rendered":"Bitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane"},"content":{"rendered":"

Bitcoin is closing out the week on a rather bearish note<\/a> after suffering a massive crash in the early hours of Friday. The crash pushed the price below $66,000, drawing the rest of the crypto market down with it in the process. The reason for this crash could be traced back to what started the bull run in the first place – Spot Bitcoin ETFs.<\/p>\n

Spot Bitcoin ETF Net Flows Suffer<\/h2>\n

After a long strength of what seemed to be only inflows for Spot Bitcoin ETFs across the space, institutions seem to be scaling back on their buying this week. The data aggregation platform Spot On Chain, revealed that net flows into these ETF dropped drastically over the last few days.<\/p>\n

Related Reading: Dogecoin Influencer Sounds Critical Warning Alarm For Scams Targeting The Community<\/a><\/div>\n

The decline was first noted on Wednesday, March 3, when daily net inflows had experienced a 38% crash. Interestingly, Wednesday had seen the second-largest daily inflow for these Spot BTC<\/a> ETFs. However, with outflows ramping up at the same time, the net inflows have begun to wane.<\/p>\n

This trend continued on Thursday, March 14, as net inflows into the Spot ETFs registered another massive crash. This time around, it fell 80.6% compared to the prior day, which had already seen a 38% decline. As a result, the ETFs saw their worst trading day in over a week.<\/p>\n

\n

\ud83d\udea8 BTC #ETF<\/a> Net Inflow Mar 13, 2024: +$684M<\/p>\n

\u2022 The net inflow dropped by 38.3% compared to the previous day but remains the second-largest inflow per day since ETF inception.<\/p>\n

\u2022 The cumulative total net inflow after 43 trading days is $11.82B.<\/p>\n

\u2022 BlackRock ($IBIT) now holds\u2026 https:\/\/t.co\/hziFc5Uy4v<\/a> pic.twitter.com\/DGsnfVecZF<\/a><\/p>\n

\u2014 Spot On Chain (@spotonchain) March 14, 2024<\/a><\/p><\/blockquote>\n

Nevertheless, the ETFs are still seeing positive inflow which suggests that outflows continue to dim compared to inflows. However, if the outflows continue to rise, then Bitcoin could suffer<\/a> tremendously from this, with an example of what could happen being the market crash from the Grayscale Bitcoin Trust outflows.<\/p>\n

BTC Price Struggles To Recover<\/h2>\n

After falling to $65,600. The Bitcoin price<\/a> is struggling to recover from the flash crash. There was a quick buy up of the dip, indicating a lot of demand for BTC<\/a> at low prices. This demand has been able to brush up the price, causing it to rise once more before being rejected at $68,700.<\/p>\n

Related Reading: Dogecoin Open Interest Maintains Record Highs, Is A Crash Coming?<\/a><\/div>\n

Presently, the BTC price is circling $66,500, with the $68,000 level proving to be the next significant resistance for the price. But even if the crypto was able to beat this level, there is still the matter of the mounting resistance at $68,700, making it an important resistance level to beat.<\/p>\n

The crash has seen Bitcoin\u2019s price decline<\/a> over 8% in the last day, bringing its market cap down to $1.33 billion. This crash has also proven detrimental for altcoins, with the likes of Ethereum, Dogecoin, and Cardano seeing an average decline of 10%.<\/p>\n

\"Bitcoin<\/p>\n

BTC price at $67,700 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Forkast News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is closing out the week on a rather bearish note after suffering a massive crash in the early hours of Friday. The crash pushed the price below $66,000, drawing the rest of the crypto market down with it in the process. The reason for this crash could be traced back to what started the bull run in the first place – Spot Bitcoin ETFs. Spot Bitcoin ETF Net Flows Suffer After a long strength of what seemed to be only inflows for Spot Bitcoin ETFs across the space, institutions seem to be scaling back on their buying this week. The data aggregation platform Spot On Chain, revealed that net flows into these ETF dropped drastically over the last few days. Related Reading: Dogecoin Influencer Sounds Critical Warning Alarm For Scams Targeting The Community The decline was first noted on Wednesday, March 3, when daily net inflows had experienced a 38% crash. Interestingly, Wednesday had seen the second-largest daily inflow for these Spot BTC ETFs. However, with outflows ramping up at the same time, the net inflows have begun to wane. This trend continued on Thursday, March 14, as net inflows into the Spot ETFs registered another massive crash. This time around, it fell 80.6% compared to the prior day, which had already seen a 38% decline. As a result, the ETFs saw their worst trading day in over a week. \ud83d\udea8 BTC #ETF Net Inflow Mar 13, 2024: +$684M \u2022 The net inflow dropped by 38.3% compared to the previous day but remains the second-largest inflow per day since ETF inception. \u2022 The cumulative total net inflow after 43 trading days is $11.82B. \u2022 BlackRock ($IBIT) now holds\u2026 https:\/\/t.co\/hziFc5Uy4v pic.twitter.com\/DGsnfVecZF \u2014 Spot On Chain (@spotonchain) March 14, 2024 Nevertheless, the ETFs are still seeing positive inflow which suggests that outflows continue to dim compared to inflows. However, if the outflows continue to rise, then Bitcoin could suffer tremendously from this, with an example of what could happen being the market crash from the Grayscale Bitcoin Trust outflows. BTC Price Struggles To Recover After falling to $65,600. The Bitcoin price is struggling to recover from the flash crash. There was a quick buy up of the dip, indicating a lot of demand for BTC at low prices. This demand has been able to brush up the price, causing it to rise once more before being rejected at $68,700. Related Reading: Dogecoin Open Interest Maintains Record Highs, Is A Crash Coming? Presently, the BTC price is circling $66,500, with the $68,000 level proving to be the next significant resistance for the price. But even if the crypto was able to beat this level, there is still the matter of the mounting resistance at $68,700, making it an important resistance level to beat. The crash has seen Bitcoin\u2019s price decline over 8% in the last day, bringing its market cap down to $1.33 billion. This crash has also proven detrimental for altcoins, with the likes of Ethereum, Dogecoin, and Cardano seeing an average decline of 10%. BTC price at $67,700 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":597094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,506,656,679,1119,89185,1122,1144,78790],"class_list":["post-598029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane<\/title>\n<meta name=\"description\" content=\"Bitcoin is closing out the week on a rather bearish note after suffering a massive crash in the early hours of Friday.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane","url":"http:\/\/wncen.com\/news\/bitcoin-suffers-crash-to-65000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-suffers-crash-to-65000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a05bf9.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a05bf9.jpeg?fit=3505%2C2297"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin crash","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-03-15T14:30:56Z","datePublished":"2024-03-15T14:30:56Z","dateModified":"2024-06-11T07:57:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Suffers Crash To $65,000 As Spot ETF Inflows Wane\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-suffers-crash-to-65000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-suffers-crash-to-65000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_a05bf9.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_a05bf9.jpeg?fit=3505%2C2297\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin crash\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-03-15T14:30:56Z\",\"datePublished\":\"2024-03-15T14:30:56Z\",\"dateModified\":\"2024-06-11T07:57:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin_a05bf9.jpeg?fit=3505%2C2297","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598029"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=598029"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/597094"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=598029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=598029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=598029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}