Bitcoin Tumbles Below $63K Amid ETF Outflows and MSCI Proposal
Bitcoin's price dropped to $62,470 on Thursday, hitting an intraday low below $63,000. This decline occurred amidst sustained outflows from spot exchange-traded funds (ETFs), which saw over $131 million in net redemptions. The market also faced headwinds from a new proposal by index provider MSCI, which could impact companies holding significant digital assets.
The cryptocurrency initially attempted to consolidate above $63,000 but saw renewed selling pressure. While it later reclaimed the $63,000 threshold, its market capitalization remained under $1.27 trillion, with seven-day losses at 2.6%. This flat price action follows a strong start to the month for Bitcoin.
Approximately $26 million in leveraged Bitcoin long positions were liquidated within 24 hours, contributing to $94 million in total long liquidations across the broader cryptocurrency market. Institutional investors appear to be cautious, with over $131 million in outflows from spot ETFs on Thursday. This marks the second consecutive day of net redemptions and the third instance within the week.