Bitcoin (BTC) Collapses to $60K as ETFs Bleed $500 Million

The price of Bitcoin collapsed to just $61,231 earlier today, according to CoinGecko data. The flagship cryptocurrency is down 17% from its all-time high.to date. On Tuesday, a whopping $326.2 million flowed out of these products. Grayscale's GBTC appears to be the main bearish headwind with a staggering $443 million outflow. This came after these ETFs kept shattering records earlier this month, pushing the price of Bitcoin to a new all-time high.

The market consensus appears to be that the Fed will keep the benchmark interest rate unchanged for now, but concerns remain about its future direction. Stubborn inflation could prompt the central bank to delay rate cuts, which would not bode well for the bulls. Investors might be unwilling to bet on Bitcoin ahead of the decision, which could be the reason behind the underwhelming ETF numbers. , the most recent cryptocurrency rally was mainly propped up by retail investors.

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