Bitcoin's recent price movement has been significantly impacted by substantial outflows from Bitcoin ETFs, with a net withdrawal of $582 million on Wednesday. This marks one of the largest outflows since these investment vehicles began trading, reflecting growing investor concerns over macroeconomic uncertainties. The release of the Federal Reserve's minutes, which highlighted inflationary concerns, has further contributed to the bearish sentiment. Additionally, Elon Musk's unexpected warning about Bitcoin's price has added to the downward pressure, causing the cryptocurrency to drop sharply. Analysts have noted that Bitcoin's failure to maintain the $95,000 support level could lead to further declines, potentially testing the $88,000 mark.
The Proshares Ultrashort Bitcoin ETF (SBIT) is currently priced at $11.14 as of 04:20 AM on Thursday, January 9.