Bitcoin experienced its worst January in nearly three years, with ETFs seeing a record $3.7 billion in outflows in a single month.
TL;DR
Bitcoin had its worst January in nearly three years, with spot ETFs seeing a record $3.7 billion in outflows. The crypto market has declined sharply since October, with Bitcoin falling over 35% and total market cap dropping below $3 trillion.
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According to ChainCatcher, citing Forbes, US-listed Bitcoin spot ETFs have seen outflows of $3.7 billion, surpassing the previous record of $3.6 billion set in February. Bitcoin, a bellwether for the crypto market, has fallen more than 35% from its October high of $126,000, hitting a low of $80,000 on November 21, its lowest level since April.
The entire crypto market began a sharp decline in October, with a rate of drop approaching that of the FTX crash (2022). Ethereum-related ETFs also saw outflows of over $1.6 billion in November. Last week, the total market capitalization of global crypto assets fell below $3 trillion for the first time since April.