Bitcoin Price Holds Below $74,000 as ETF Outflows Reach…
By Tobi Opeyemi Amure
AI summary of the source article
Bitcoin traded down to $73,444 as US spot ETFs saw five consecutive sessions of net redemptions totaling $1.44 billion. BlackRock’s IBIT led recent outflows, shedding $269.73 million on November 11.
Why it matters
Friday's producer price report is the near-term driver, because a second hot inflation print would harden the December hike into a 50 basis point debate and the bitcoin price has spent five sessions failing to hold $75,600 with rates still expected to rise.
Key facts
- US spot Bitcoin ETFs experienced five straight sessions of redemptions totaling $1.44 billion, with total net assets dropping to $93.70 billion.
- BlackRock's IBIT accounted for $269.73 million of the $299.90 million pulled from US spot funds on November 11.
- MSCI will drop non-operating companies on November 30, with JPMorgan estimating Strategy's deletion could trigger $2.8 billion in selling.
Source excerpt · FinanceFeeds
The Bitcoin price was $73,444 at 11:39 GMT on Thursday, down 0.79% over 24 hours and 8.66% over the week, per TradingView . US spot exchange-traded funds have now recorded five consecutive sessions of net redemptions, the streak that began on 5 November and ran through Solana and XRP funds as well. Producer price data for October lands on Friday at 8:30 a.m. Eastern, according to the Bureau of Lab…