The price of bitcoin and ether dropped to its lowest point in the past two weeks as spot bitcoin ETFs saw record outflows earlier this week.
The price of bitcoin dropped to its lowest point in the past two weeks — falling 5.18% in the past 24 hours to trade at $61,380 as of 1:50 p.m. Hong Kong time, according to The Block’s Price Page. Ether fell 7.8% to $3,090.
The price fall coincided with significant outflows from spot bitcoin exchange-traded funds . On Tuesday, U.S. spot bitcoin ETFs experienced $326.2 million in outflows, the largest since their debut. GBTC alone saw $444 million exit the fund, while other ETFs saw weaker inflows, according to data from Farside.
Economist Alex Krüger also wrote on X that the Solana mania “went too far,” noting that there has been too much leverage in crypto, which contributed the most to the decline.
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