{"id":626208,"date":"2024-06-25T05:30:57","date_gmt":"2024-06-25T05:30:57","guid":{"rendered":"https:\/\/wncen.com\/?p=626208"},"modified":"2024-07-10T09:24:09","modified_gmt":"2024-07-10T09:24:09","slug":"bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower\/","title":{"rendered":"Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower"},"content":{"rendered":"

With Bitcoin, the unquestionably monarch of the digital sphere spearheading the retreat, the once-sizzling crypto industry keeps sputtering.<\/p>\n

Following an explosive ascent that saw it cross the $73,000 milestone earlier this year, Bitcoin<\/a> has lost its royal mantle and dropped to new lows bringing the whole crypto industry into a season of icy uncertainty.<\/p>\n

Related Reading: Solana Slides 13% \u2013 Can It Recover Despite Analyst\u2019s $1,000 Prediction?<\/a><\/div>\n

Exodus From The Empire: Investors Pull Billions<\/strong><\/h2>\n

Mass migration from Bitcoin defines the past few weeks. Driven by the protracted price crisis, investors have started flitting away from the flagship cryptocurrency in numbers. According to a recent Coin Shares analysis, just last week Bitcoin’s outflow was shockingly $630 million.<\/p>\n

This marks a dismal two-week run for Bitcoin, with a similarly heavy outflow of $631 million the week before. The bleeding goes beyond Bitcoin; other well-known cryptocurrencies like Ethereum are seeing investor flight of their own.<\/p>\n

\"\"
Source: CoinShares<\/a><\/figcaption><\/figure>\n

The sell-off<\/a> spans more than just personal ownership. Particularly affected have been Bitcoin exchange-traded funds (ETFs), which let conventional investors play about in cryptocurrencies without really holding any.<\/p>\n

Leading issuers like Fidelity and Grayscale have had a six-day running out from which hundreds of millions of dollars have vanished from their coffers. Investors are losing faith and looking for cover from the crypto storm as this enormous exodus from both Bitcoin and Bitcoin ETFs shows rather clearly.<\/p>\n

\"\"
Source: CoinShares<\/a><\/figcaption><\/figure>\n

A Chink In The Armor? Not Quite<\/strong><\/h2>\n

Although the general attitude is definitely negative, among the gloom there are some faint rays of hope. Short positions\u2014which basically gamble on a price drop\u2014have dropped shockingly $1.2 million.<\/p>\n

\"\"
BTCUSD trading at $61,438 on the 24- hour chart: TradingView.com<\/a><\/figcaption><\/figure>\n

This might be taken as evidence of a possible change in investor attitude by a drop in bearish bets. Certain cryptocurrencies, including Solana<\/a>, Litecoin, and Polygon, have also bucked the declining trend by showing robust increases. This implies that not all bets are off the table and some investors could be looking for chances in other areas of the crypto market.<\/p>\n

A Crypto Winter Thaw Or Avalanche?<\/strong><\/h3>\n

Dramatic changes abound in the crypto sector. Bitcoin itself has long-standing epic boom-and-bust cycles. But the present slump begs questions about a protracted “crypto winter,” a time of steady decline.<\/p>\n

Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High \u2013 Can It Hit $10?<\/a><\/div>\n

Concurrently, the much awaited approval of an Ethereum ETF, first seen as a possible market stimulant, seems to be doing little to alleviate the present chill.<\/p>\n

Will investors once more be drawn to digital assets, causing a thaw driven by Bitcoin? Alternatively would the present outflow snowball form a full-fledged avalanche burying the crypto market behind a red cover? We still have to see this crypto winter develop.<\/p>\n

Featured image from Silktide, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With Bitcoin, the unquestionably monarch of the digital sphere spearheading the retreat, the once-sizzling crypto industry keeps sputtering. Following an explosive ascent that saw it cross the $73,000 milestone earlier this year, Bitcoin has lost its royal mantle and dropped to new lows bringing the whole crypto industry into a season of icy uncertainty. Related Reading: Solana Slides 13% \u2013 Can It Recover Despite Analyst\u2019s $1,000 Prediction? Exodus From The Empire: Investors Pull Billions Mass migration from Bitcoin defines the past few weeks. Driven by the protracted price crisis, investors have started flitting away from the flagship cryptocurrency in numbers. According to a recent Coin Shares analysis, just last week Bitcoin’s outflow was shockingly $630 million. This marks a dismal two-week run for Bitcoin, with a similarly heavy outflow of $631 million the week before. The bleeding goes beyond Bitcoin; other well-known cryptocurrencies like Ethereum are seeing investor flight of their own. The sell-off spans more than just personal ownership. Particularly affected have been Bitcoin exchange-traded funds (ETFs), which let conventional investors play about in cryptocurrencies without really holding any. Leading issuers like Fidelity and Grayscale have had a six-day running out from which hundreds of millions of dollars have vanished from their coffers. Investors are losing faith and looking for cover from the crypto storm as this enormous exodus from both Bitcoin and Bitcoin ETFs shows rather clearly. A Chink In The Armor? Not Quite Although the general attitude is definitely negative, among the gloom there are some faint rays of hope. Short positions\u2014which basically gamble on a price drop\u2014have dropped shockingly $1.2 million. This might be taken as evidence of a possible change in investor attitude by a drop in bearish bets. Certain cryptocurrencies, including Solana, Litecoin, and Polygon, have also bucked the declining trend by showing robust increases. This implies that not all bets are off the table and some investors could be looking for chances in other areas of the crypto market. A Crypto Winter Thaw Or Avalanche? Dramatic changes abound in the crypto sector. Bitcoin itself has long-standing epic boom-and-bust cycles. But the present slump begs questions about a protracted “crypto winter,” a time of steady decline. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High \u2013 Can It Hit $10? Concurrently, the much awaited approval of an Ethereum ETF, first seen as a possible market stimulant, seems to be doing little to alleviate the present chill. Will investors once more be drawn to digital assets, causing a thaw driven by Bitcoin? Alternatively would the present outflow snowball form a full-fledged avalanche burying the crypto market behind a red cover? We still have to see this crypto winter develop. Featured image from Silktide, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":626222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1144,6664,1944,13216],"class_list":["post-626208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btcusd","tag-crypto","tag-etf","tag-selloff"],"acf":[],"yoast_head":"\nBitcoin Takes A Beating: Another $600M Exits, Price Drops Lower<\/title>\n<meta name=\"description\" content=\"With Bitcoin, the unquestionably monarch of the digital sphere spearheading the retreat, the once-sizzling crypto industry keeps sputtering. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_be353d.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_be353d.jpg?fit=1600%2C900"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","crypto","etf","selloff"],"dateCreated":"2024-06-25T05:30:57Z","datePublished":"2024-06-25T05:30:57Z","dateModified":"2024-07-10T09:24:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-takes-a-beating-another-630-million-exits-price-drops-lower\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/a_be353d.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/a_be353d.jpg?fit=1600%2C900\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"crypto\",\"etf\",\"selloff\"],\"dateCreated\":\"2024-06-25T05:30:57Z\",\"datePublished\":\"2024-06-25T05:30:57Z\",\"dateModified\":\"2024-07-10T09:24:09Z\"}<\/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\/06\/a_be353d.jpg?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626208"}],"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\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=626208"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/626222"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=626208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=626208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=626208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}