The massive capital output of the Bolsa -listed funds (ETF) of Bitcoin (BTC) in the United States caused a direct impact on the currency market.
Yesterday, Monday, September 22, The funds registered a net retirement of 363 million dollarsreversing the positive input trend observed on Thursday and previous Friday.
The Fidelity Wise Origin Bitcoin Fund fund (FBTC) led the exits with 276 million dollars, followed by the ARK 21Shares Bitcoin ETF (ARKB), which lost 57 million.
To a lesser extent, the Grayscale Bitcoin Trust (GBTC) reported withdrawals for 24 million dollars, while the Vaneck Bitcoin ETF (HODL) saw an output of 9 million. These figures consolidated a day of strong selling pressure.
As a consequence, Bitcoin’s price experienced a notable decrease, falling to $ 111,500. However, on the current day, the digital currency showed signs of recovery, reaching $ 113,000.
Despite this rebound, the price of Bitcoin remains 12% below its historical maximum of $ 124,000, registered in August.
As Cryptonoticia explains, the ETFs in cash perform a crucial role in Bitcoin’s pricing dynamics, since they buy and maintain the currency to support their actions. When investors withdraw capital, the managers of these funds can be forced to sell part of their holdings to cover the Redees. This increase in supply, without an equivalent demand, generates a bearish pressure that directly impacts the value of the digital currency.