Bitcoin (BTC) has continued to experience a sell-off since the approval of a spot exchange-traded fund (ETF), failing to live up to the hype experienced before the approval.
In the wake of a regulatory nod for the product, Bitcoin retested the $49,000 mark, but the asset has corrected to currently trade above the $42,000 support zone.
The sell-off has resulted in Bitcoin losing $83.91 billion in market cap within five days of the approval. On January 10, the maiden cryptocurrency held a market cap of $915.71 billion, dropping almost 10% to reach $831.8 billion by press time.
Notably, the market cap briefly peaked at $954.6 billion on January 11 before the sell-off accelerated.
Bitcoin five-day market cap chart. Source: CoinMarketCap
Indeed, the failure of Bitcoin to build on the ETF hype has resulted in questions regarding the need for such products.
What next for Bitcoin?
With a focus on the Bitcoin trajectory, trading expert AlanSantana, in a TradingView post on January 14, share
We współpracy z: https://finbold.com/80-billion-outflows-bitcoin-since-holy-etf-approval-what-next/
