Coinspeaker
Bitcoin ETF Demand Falters with BTC Retracing Back to $65,000
Soon after the FOMC commentary on Wednesday, March 20, Bitcoin (BTC) and the broader cryptocurrency market witnessed some upside move. However, after moving all the way to $70,000, Bitcoin price has retraced once again owing to waning BTC ETF demand. As of press time, BTC is trading 2.25% down at a price of $65,891 with a market cap of $1.296 trillion.
Bitcoin has retraced over 10% from its all-time high last week with JPMorgan strategists cautioning further decline in near time. On the other hand, all the nine spot Bitcoin ETFs launched in the US have registered their fourth consecutive day of outflows. On Thursday, March 21, the net outflows from spot Bitcoin ETFs stood at $95 million.
According to JPMorgan strategists, Bitcoin remains in an overbought state, reiterating their February forecast for continued declines ahead of April’s eagerly awaited halving event. The upcoming Bitcoin halving eve
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