Bitcoin Slumps After Record-Breaking ETF Investment

Bitcoin's remarkable run has slowed down as it trades for $77,379 on Friday afternoon in New York after dropping more than 3% over a 24-hour period.

The recent surge, which saw Bitcoin hit a high of $81,281 earlier this week, was largely driven by investments from U.S. ETF buyers.

According to Farside Investors data, exchange-traded funds managed by BlackRock, Fidelity, and Grayscale have received net positive inflows for nine days in a row, with over $3 billion added since August 17.

The investment surge is linked to the so-called debasement trade, where investors buy assets such as Bitcoin, gold, and precious metals as a way to hedge against a currency losing value due to excessive government spending.