Chair

Bitcoin

Spot

<ul> 
 <li>Bitcoin (BTC) drops by 2.3% over the past 24 hours to $62K.</li> 
 <li>The daily trading volume of BTC observes an 18% decline to $25.16 billion.</li> 
</ul> 
Bitcoin bulls encountered rejection at the key resistance level of $64.5K, subsequently retreating to $62K. Within the past 24-hour trading window, the price of BTC dropped by 2.3%, hitting a low of $62,111. 
Due to this decline, the global crypto market witnessed a 1.3% drop in market capitalization. Meanwhile, the market’s 24-hour trading volume declined by 17.38% to $63.46 billion. On the other hand, in the past 24 hours, the market has observed a liquidation of over $145 million — $113 million in long positions and $32 million in short positions. Over $40 million in <a href="https://thenewscrypto.com/bitcoin-exchange-inflows-hit-decade-low-levels-amid-optimistic-sentiment/">Bitcoin</a> positions were liquidated amid this price drop, as per <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">data</a> from Coinglass. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="461" src="https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33-1024x461.png" alt="" class="wp-image-97758" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33-1024x461.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33-300x135.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33-768x346.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33-1536x691.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-08_08-06-33.png 1915w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Analyzing the 4-hour price chart, it is evident that the MACD (moving average convergence/divergence) displayed a negative histogram, indicating a downturn. Additionally, the movement of the 12-day moving average (12MA) below the 26-day moving average (26MA) confirms this trend. At press time, Bitcoin (BTC) traded at $62,163 and its contender Ether (ETH) at $2,998 after a 24-hour price drop of 1.78%. 
<h3 class="wp-block-heading" id="h-did-spot-bitcoin-etfs-see-a-decline-in-outflows">Did Spot Bitcoin ETFs See a Decline in Outflows?</h3> 
In the US markets, the spot Bitcoin ETFs (exchange-traded funds) experienced a net outflow of $15.64 million on Tuesday. This is comparatively lower than the past week’s data. According to SoSoValue <a href="https://sosovalue.xyz/assets/us-btc-spot" target="_blank" rel="noreferrer noopener nofollow">data</a>, Grayscale’s GBTC noted a net outflow of $29 million. BlackRock’s IBIT recorded an insignificant net inflow. Meanwhile, Fidelity’s FBTC recorded a net inflow of $4 million, Ark Invest’s ARKB with $3 million. Among them, Invesco Galaxy’s BTCO recorded the day’s high net inflow of $6 million. The valuation of all these 11 spot BTC ETFs totaled $52.25 billion. 
Notably, global investment firm Susquehanna International Group (SIG) is now the last holder of spot Bitcoin ETFs with over $1.8 billion AUM (assets under management). The firm’s predominant investment is in GBTC ($1.09 billion). On the other hand, Hong Kong spot ETFs <a href="https://twitter.com/HODL15Capital/status/1788023152821281012" target="_blank" rel="noreferrer noopener nofollow">recorded</a> smaller amounts of net outflows. 
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Bitcoin Faces Rejection, Sinks to $62K

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