Bitcoin (BTC) Price Hold Steady at $61K After a Brief Nosedive to Below $60K
How is Ether's market performance compared to Bitcoin's recently?
Ether's market performance has been outperforming Bitcoin recently. The ETH/BTC ratio has risen, indicating Ether is outperforming Bitcoin. Ether is the second-largest cryptocurrency by market capitalization after Bitcoin and has seen growth in the DeFi sector and NFT space.
What caused Bitcoin's price to drop to $59K?
Bitcoin's price drop to $59K was caused by several factors, including significant selling pressure from continued ETF outflows, Mt. Gox's upcoming bankruptcy redemptions, and miner sales. Market data showed bitcoin ETFs experiencing an outflow of $174 million, while the cryptocurrency also faced pressure from the looming Mt. Gox bankruptcy redemptions and sales by miners.
How much did Bitcoin ETFs lose in outflows last week?
Bitcoin ETFs experienced a significant outflow last week, losing a total of $900 million. This loss was the highest outflow activity since late April, and was led by Grayscale's GBTC with $53 million and Fidelity's FBTC with $51 million3. The outflows came amid a market-wide slide in the cryptocurrency market and losses in broader stock markets.