Bitcoin’s price remains volatile following its halving in April. Recent studies indicate that exchange-traded fund (ETF) withdrawals primarily cause BTC price declines. Bitcoin has had a 23% retraction during the current bull run cycle, the deepest since the 2022 bear market bottom.
Bitcoin ETF Withdrawal Cause Price Decline
The Bitcoin market movement is being attributed to a string of ETF withdrawals. CoinShares announced a $435 million net outflow from digital asset investment products in the last three weeks, the highest since March 2024.
On April 30, withdrawals resumed in several Bitcoin ETFs, with GBTC alone accounting for $93.2 million. The total withdrawal of $161 million on the day contributed to heightened selling pressure.
At the time of writing, Bitcoin’s price is around $57K, with signals of deterioration across multiple time frames—from the past hour to year-to-date measurements.
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