"Try investors to relax a little, don't be too busy to be afraid when there is a problem."
Shortly after recovering above $66,000, the price of Bitcoin (BTC) crashed back below $64,000 when institutional cryptocurrency investment products saw $126 million in total outflows over the past seven days.
The string, investors are increasingly skeptical as the positive momentum has dissipated even though there was an inflow of $520 million into crypto funds where over 99% of that went into BTC.
But it should be noted that there is a big sell-off amid geopolitical tensions and uncertainty surrounding interest rate cuts by Federal Reserve (Fed) for June 2024 follow-up Institutions withdrew nearly $82 million from spot BTC ETFs between April 8 and April 12, 2024.
Through observation, Australia, Brazil and Germany have respectively shown an inflow of $1.6 million, $3 million and $28.6 million while the largest regional outflow comes from the United States (US) which is $145 million.
According to CryptoQuant analysts, there is a high probability for more BTC price corrections which is supported by a number of factors, among them the 30-day average funding rate, resistance from ATHs and a market setup that allows big players to participate.
The latest withdrawal in BTC prices comes after Hong Kong became the second country to approve a spot BTC ETF, but the Asian country did not launch an ETF as expected by most crypto market participants.
So here can be seen a reduction in investor sentiment around spots BTC ETF in Hong Kong plus there are geopolitical tensions in the Middle East may be pulling the price of BTC to fall lower until the halving event occurs.
As of this writing, BTC price has plunged by 3.03% to $63,570 in the last 24 hours with a market capitalization of over $1 trillion and has recorded a 10.51% decline over the past week.
