Standard Chartered: Further ETF Outflows Could Drive Bitcoin Price Lower
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, has warned that continued outflows from the Bitcoin Spot ETF could drive the cryptocurrency's price lower, reports The Block. This comes after the ETF saw one of its largest one-day outflows on record yesterday, selling nearly $1 billion, continuing a trend of significant outflows over the past few weeks. I don't think the sell-off is over yet, with net ETF buying now losing about $1.3 billion since the U.S. election,’ he said. Since then, the average purchase price using the daily bitcoin closing price has been $97,000.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
WTI remains above $83.50 as Iran fires missiles following US strikes
Oil jumps more than 2% after US attack on Iran's Larak island
Itochu says no decision yet on reported Dentsu Soken tender offer
After Waller's hawkish speech, the market focuses on "rate hikes", but Morgan Stanley says balance sheet reduction is more likely.
After the Jackson Hole meeting, the market's focus has shifted to interest rate hike expectations. However, Morgan Stanley economist Carpenter pointed out that Walsh's long-standing stance on reducing the $7 trillion balance sheet should not be overlooked. It is expected that the Federal Reserve may begin a balance sheet reduction of more than $1.5 trillion next year, partially replacing rate hikes.
Crypto prices
More
