Crypto’s Post‑Crash Slow‑Mo
Bitcoin just sent its itch in the dark night, settling near the $39,370 mark and calmly inching back toward that looming $40,000 line. The market’s bruised from a flurry of sell‑offs yesterday, as everyone stared down at a dollar‑jacked Bitcoin ETF that’s battling to stay afloat.
The Drop: A Mix of Flows & Fears
- Yesterday, spot Bitcoin ETFs sucked in $640 million of cash, mainly from the shaky GBTC.
- The big splash? The busted FTX exchange still clearing out assets, pulling investors out faster than a magician draws a rabbit.
- While crypto buyers left the market, the largest liquidation wave of the year hit $218 million on long positions – about $62 million of that was Bitcoin.
Inflow vs. Outflow: A Wild Week
- On the upside, U.S. spot Bitcoin ETFs had a one‑week inflow surge of roughly $1.25 billion, plus a trading volume around $11.8 billion.
- Yet, the global crypto arena split a handful of investors: a net outflow of around $21 million last week.
New ETFs Hold a Silver Lining?
- The fresh ETFs saw about $4.13 billion come in versus $2.9 billion of outflows since launch.
- So, while the ETFs look bruised, the new ones seem to be holding their ground… or at least, not diving headfirst.
What’s the Vision? Like a Bubble Under a Drop?
- Peter Schiff, the famous “crypto skeptic,” declared that Bitcoin ETFs are now in a bear market after a 20% slide from their peaks.
- He warned that the bull side might be left out in the cold, riding on the wings of a vehicle that’s much cheaper than the original spot market.
- But his concerns might be temporary – once the GBTC outflows smooth out, the ETF universe could find its footing again.
Sticking Around to Watch
Fingers crossed that the coming weeks (and months) will show whether those ETF investors are treating Bitcoin as a quick‑turn side‑bet, or actually planning to ride it to the moon.
