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<p>The sluggish performance of the crypto market is continuing today as well. It’s actually getting worse as the BTC price now dipped 3% again today and is trading around $55k.</p>
<p>Ethereum is also down 3.3%, now trading around $2.3k. Seems like Bitcoin ETFs outflows are putting a lot of selling pressure on crypto right now.</p>
<p>The US Spot ETF Net Inflows on September 5, 2024, are recorded at <strong>-$211M</strong> for BTC and <strong>-$0.2M</strong> for ETH.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="561" src="https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-1024x561.png" alt="" class="wp-image-552200" srcset="https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-1024x561.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-300x164.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-767x420.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-1536x842.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-2048x1122.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-274x150.png 274w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-100x55.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-639x350.png 639w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119-788x431.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-119.png 752w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong>Source: <a href="http://SpotOnChain" target="_blank" rel="noopener noreferrer nofollow">SpotOnChain</a></strong>
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<h2 class="wp-block-heading" id="etf-outflows-and-market-trends">ETF Outflows and Market Trends</h2>
<p>The crypto market has been experiencing a persistent downturn, with several key indicators pointing to a bearish trend. The net flow has remained negative for seven consecutive days. This trend is particularly evident in the performance of US Bitcoin ETFs, none of which experienced an inflow yesterday.</p>
<p>One notable development was the massive outflow of nearly $150M from the Fidelity Wise Origin Bitcoin Fund (FBTC). This significant withdrawal has contributed to the overall negative sentiment in the market. Additionally, BlackRock’s iShares Bitcoin Trust (IBIT), a major player in the crypto ETF space, has reported $0 net flows for the past four trading days.</p>
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<p>Despite these recent setbacks, it’s worth noting that the cumulative total net inflow after 164 trading days still stands at an impressive $17.06B. This figure suggests that the <a href="https://captainaltcoin.com/crypto-traders-dont-you-worry-bitcoins-peak-in-march-was-a-pitstop-not-the-finish-line/" target="_blank" rel="noopener noreferrer nofollow">current market’s downturn can be only temporary.</a></p>
<h2 class="wp-block-heading" id="stock-market-correlation-and-stablecoin-trends">Stock Market Correlation and Stablecoin Trends</h2>
<p>Another factor contributing to the crypto market’s decline is the stock market performance, which continues to plunge as well. For instance, <a href="https://www.marketwatch.com/investing/index/spx" target="_blank" rel="noopener noreferrer nofollow">S&amp;P 500 price</a> is down 0.3% today and over 5% this week.</p>
<p>While Bitcoin and altcoins are not doing well, <a href="https://coinmarketcap.com/currencies/tether/" target="_blank" rel="noopener noreferrer nofollow">Tether’s market cap</a> is at ATH. This means a lot of traders “ran away” to USDT as they wait for better market conditions. The liquidity is there, just not invested in Bitcoin and altcoins.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/why-bitcoin-btc-price-could-dip-further/" target="_blank" rel="noopener noreferrer nofollow">Why Bitcoin (BTC) Price Could Dip Further</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-crashing-today-bitcoin-price-dips-to-55k/" rel="noopener noreferrer nofollow">Why Is The Crypto Market Crashing Today? Bitcoin Price Dips To $55k</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is The Crypto Market Crashing Today? Bitcoin Price Dips To $55k

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