Despite Greenland issue easing, $1B outflow from crypto ETFs drives market downturn
Despite the Greenland issue subsiding, virtual assets are collectively showing a downward trend as funds have massively flowed out of Bitcoin and Ethereum exchange-traded funds, ETFs, due to Trump’s reversal of stance.
As of 8:10 a.m. on the 23rd, Bitcoin is recorded at $89,188 on the global coin market tracking site CoinMarketCap, a 0.75% decline from 24 hours ago. Earlier, Bitcoin fell to $88,438, breaking below the $89,000 mark. The previous day, Bitcoin had also recovered to $90,000 as Trump withdrew his opinion on imposing additional tariffs on Europe.
Ethereum, ranked second by market cap, is trading at $2,943, a sharp 2.41% decline. Binance Coin, fourth by market cap, is down 0.29% at $885, while Ripple, fifth by market cap, is recording $1.91, a 2.3% drop.
Despite the Greenland issue subsiding and U.S. stock markets rallying across the board, major cryptocurrencies are collectively declining, likely because investors are withdrawing funds amid Trump’s fluctuating stance. On this day alone, approximately $1 billion in net outflows occurred from ETFs tracking the spot prices of Bitcoin and Ethereum.
