Bitcoin stalls near $80,000 amid $268M ETF outflows
Bitcoin has stalled near $80,000 after being rejected at $82,500. The stall comes as US-listed spot Bitcoin ETFs posted $268 million in net outflows.
The outflows signal short-term caution, but a weak US dollar and the eventual appointment of a new Fed chair could resume the rally. A weakening US dollar and higher government debt favor scarce assets like Bitcoin.
Traders expect Kevin Warsh to become Fed Chair, which could benefit Bitcoin. Meanwhile, $270 million in leveraged bullish Bitcoin futures positions were liquidated within 24 hours, forcing investors to evaluate the market’s direction.