Bitcoin faces weekly downward trend due to continuous institutional sell-offs

Bitcoin down 2.85%, Ethereum by 3.15% day-on-day on Monday

By Gokhan Ergocun

ISTANBUL (AA) - Bitcoin showed a noticeable price fluctuation over the past seven days, dropping from nearly $68,900 to around $64,500 as of 0200GMT on Monday.

Bitcoin price is now at around $66,200, down by 2.85% from Sunday to Monday as of 1200GMT.

Continuous capital outflows from US spot Bitcoin exchange traded founds primarily drive this recent downward movement.

Investors pulled approximately $360 million from these institutional funds in just the last week, which signals a cautious approach amid macroeconomic uncertainties.

On a weekly basis, the largest crypto currency lost 3.9%.

Ethereum also fell by 3.15% on a daily basis to $1,914 as of 1200GMT.

Kaynak:

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