Summary
Bitcoin experienced a surge in price after dropping below $62,000, rising to $68,120.08. The price settled at $66,828.32, up 6% in the past 24 hours. A trader on BitMex caused a flash crash to $8,900, but the exchange claims it did not impact their derivatives markets. Bitcoin ETF withdrawals have exceeded deposits for three days, with $742 million in net redemptions this week. Grayscale Bitcoin Trust (GBTC) saw $1.5 billion in outflows this week, potentially leading to BlackRock’s iShares Bitcoin Trust (IBIT) claiming the top spot in spot Bitcoin ETF category.
Key Points
1. Bitcoin experienced a significant surge in price, rising as high as $68,120.08 after a period of decline below $62,000.
2. The recent price increase has not yet fully recovered Bitcoin’s value from a week ago when it reached a new all-time high above $73,000.
3. Despite the price rebound, there have been significant withdrawals from Bitcoin ETFs, particularly from the Grayscale Bitcoin Trust, which could potentially impact the leadership position in the spot Bitcoin ETF category.