Bitcoin ETF Outflows Hit Record Levels Amid Price Plunge

Bitcoin ETF outflows have reached record levels over the past two weeks, with a staggering $4.4 billion exiting the market.

This is the longest streak of net outflows since Bitcoin exchange-traded funds (ETFs) were launched in January 2024.

The price of Bitcoin has plummeted by 21% in just 30 days, causing anxiety among investors.

Investors have been selling Bitcoin to chase the hype in other assets, such as artificial intelligence and semiconductor stocks.

A single private trade saw $1.3 billion worth of iShares Bitcoin Trust (IBIT) sold off.

The macroeconomic picture is also unfavorable for Bitcoin, with stronger-than-anticipated US jobs data reducing rate cut hopes and making bonds more appealing than volatile cryptocurrencies.

Despite these headwinds, there's a strong argument for buying the dip, as all of these factors are temporary.

Bitcoin's price is currently near $61,500, which roughly equals the average miner's production cost per coin.