Hedge Funds Flee Bitcoin ETFs Amid Price Drop

Bitcoin's price drop has triggered a massive exodus of hedge fund capital from bitcoin ETFs. According to data from Coinglass, over $1 billion in hedge fund capital has left bitcoin ETFs this week alone. This comes as the cryptocurrency briefly rose above $60,000 today but pared some gains and is now up 0.3% to $59,521.

The net outflows of $1.34 billion from Monday through Thursday coincide with a 6.6% drop in bitcoin prices since the start of the week. Meanwhile, Ethereum remains flat at $1,558, while XRP has seen a slight increase of 0.5% to $1.04.

Nomura analysts have initiated coverage of Niva Bupa Health Insurance with a buy rating and a target price of 105 rupees, citing the company's investment in multichannel distribution and deeper penetration into the mass affluent client segment as key drivers of its future premium growth.