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Cryptocurrency News Articles

Bitcoin (BTC) Falls Below $64K Following $900M in ETF Outflows

Jun 21, 2024 at 07:45 pm

This is the first time BTC has dropped below $64,000 since mid-May. At the time of writing, the bitcoin price is around $63,900

Bitcoin fell to its lowest in over a month during the European morning on Friday, continuing a downturn that saw the world’s largest cryptocurrency slip below the key level of $64,000 for the first time since mid-May.

BTC fell to a low of $63,500 during the morning hours in Europe, according to CoinDesk data. The price had recovered slightly by the time of writing to trade at around $63,900, still down 3.5% over the past 24 hours.

The broader market also took a hit, with the CoinDesk 20 Index (CD20) dropping just under 2.3%. Among individual assets, ETH fell 2.25% to trade at $3,500 and SOL fell almost 3.8% to reach $132.24.

Spot bitcoin ETFs in the U.S. recorded a fifth straight day of outflows on Thursday, taking their total losses for the week to $900 million, the highest outflow activity since late April.

Data tracked by SoSoValue shows that the 11 listed ETFs lost $140 million on Thursday, with $1.1 billion in trading volumes. Grayscale’s GBTC – which has mostly seen outflows since its conversion to an ETF in January – led with $53 million followed by Fidelity’s FBTC at $51 million.

BlackRock’s IBIT, the biggest ETF by assets held, was the only product with net inflows, adding $1 million. The others saw zero net change.

Standard Chartered is preparing to launch a spot trading desk for bitcoin and ether, Bloomberg reported on Friday, citing people familiar with the matter.

The London-based desk will begin operating soon and be part of the bank’s FX trading unit, the report said. Standard Chartered would become one of the first global banks to enter spot cryptocurrency trading, though others, such as Goldman Sachs, have been trading crypto derivatives for several years.

Standard Chartered's involvement in cryptocurrency is now well established, as a backer of digital asset custodian Zodia Custody and its exchange arm Zodia Markets.

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