Bitcoin Breaks $80K Mark Again Amid ETF Outflows

Bitcoin has experienced significant fluctuations in recent days, with the cryptocurrency breaking through the $80,000 mark once more. Despite this surge, the largest daily outflows from Bitcoin ETFs since January 29 have been recorded, totaling $635.2 million.

The biggest contributor to these outflows was BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT), which lost around $285 million in assets. Other notable losers include ARK 21Shares Bitcoin ETF (BATS:ARKB) and Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

However, on-chain data suggests that the level of $70,000 may provide support if a deeper correction occurs. CryptoQuant analysts point to rising profit-taking and elevated unrealized gains as signs of momentum fading.