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, indicating growing investor concerns over macroeconomic uncertainties. The release of the Federal Reserve's minutes, which highlighted inflationary concerns related to Trump's policies, has further fueled 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 are closely watching Bitcoin's failure to maintain the $95,000 support level, which could lead to further declines.
The ProShares Short Bitcoin Strategy ETF (BITI) is currently priced at $23.45 as of 04:20 AM on Thursday, January 9.