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 the second-largest outflow since these investment vehicles began trading, reflecting growing investor concerns over macroeconomic uncertainties. The release of the Federal Reserve's minutes, which highlighted inflationary worries, 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 2x Bitcoin Strategy ETF (BITX) is currently priced at $52.90 as of 04:20 AM on Thursday, January 9.