Bitcoin Price Plummets to $55,000 Before Recovering to $58,000

As the price of Bitcoin continues to decline, investors are pulling out of spot exchange-traded funds (ETFs) at an alarming rate. According to data from Farside Investors, over $287 million was withdrawn from 11 Bitcoin spot ETFs listed on the U.S. stock market over the past three days.

This outflow is the largest in four months, since May 1. Bitcoin spot ETFs began trading in January. The total amount of money currently remaining in Bitcoin spot ETFs is about $52.6 billion, down $10 billion from its all-time high.

ETFs run by Fidelity saw $162 million flow out, accounting for more than half of the total net outflows. Grayscale ETF saw $54 million in withdrawals, while Ark21 Shares and Bitwise ETFs saw $33.6 million and $25 million in withdrawals, respectively.

The decline in Bitcoin’s price has led to concerns over further declines, causing investors to pull out of ETFs. The August manufacturing purchasing managers’ index (PMI) announced by the Institute for Supply Management (ISM) in the United States fell short of market expectations, increasing concerns about an economic slowdown.

As a result, Bitcoin’s price plummeted to $55,000 on the 3rd before recovering to $58,000. At 6:05 p.m. Eastern Time (3:05 p.m. Pacific Time) on this day, the price of one Bitcoin recovered the $58,000 level, falling 0.10% from 24 hours ago to $58,207.

The price of Ethereum, the second largest cryptocurrency by market capitalization, also fell 0.05% to $2,464. Bitcoin’s price is more than 20% lower than the all-time high of $73,800 recorded in March.