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Bitcoin near $60,000 today vs February: Institutional sentiment has flipped
Key takeaways
- Bitcoin BTC$62,160.89 is back to trading at levels seen in early February: near $60,000.
- Today, they are aggressively selling into the dip, ETF flows indicate, unlike in February, when selling slowed as prices dropped to near $60,000.
- The 11 U.S.-listed spot bitcoin ETFs saw net outflows of $1.72 billion last week.
Bitcoin BTC$62,160.89 is back to trading at levels seen in early February: near $60,000. But this time, the response from institutions is totally different.
Today, they are aggressively selling into the dip, ETF flows indicate, unlike in February, when selling slowed as prices dropped to near $60,000. That marks a fundamental shift in how institutions view bitcoin at this level.
The 11 U.S.-listed spot bitcoin ETFs saw net outflows of $1.72 billion last week. That's the largest single-week redemption in over a year, according to data source SoSoValue. Back in the first week of February, when BTC crashed to nearly $60,000, the ETFs bled just $318 million.
Article preview — originally published by CoinDesk. Full story at the source.
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