The Bitcoin (BTC) bull run appears to have taken a slight dip at $87K after reaching an all-time high of $93,062 this week. A primary factor behind this pullback is significant U.S. Bitcoin ETF outflows of $400 million on November 14.
At the time of writing, Bitcoin is trading at $87,616, down 2.46%. The 24-hour trading volume for Bitcoin has decreased by 27.15% to $86.16 billion. Its market cap has also dropped by 2.45%, reaching $1.73 trillion, causing Bitcoin to slip back to the eighth-largest asset. It briefly overtook Saudi Aramco, which has since reclaimed its spot at number 7.
Bitcoin initially fell by 1.5% to $88,300 after Federal Reserve Chairman Jerome Powell stated that the current economic conditions do not signal an urgent need to lower interest rates.
Additionally, Bitcoin’s decline can be attributed to other two factors: selling pressure and significant institutional outflows amounting to $400.67 million from the Bitcoin ETF market. Notably, the cumulative net inflow of U.S. spot BTC ETF market has decreased by a substantial $1 billion, now standing at $27.83 billion. The outflows as of November 14 included a $179.16 million withdrawal from Fidelity (FBTC), $161.72 million from Ark & 21Shares (ARKB), and $113.94 million from Bitwise (BITB). The only inflow into BTC ETFs was $126.53 million into BlackRock (IBIT).
In the Ethereum ETF market, there was a daily net outflow of $3.24 million, primarily from Grayscale (ETHE) at $3.24 million. Meanwhile, BlackRock (ETHA) saw an inflow of $18.87 million.
Also Read: Bhutan Govt. Dumps $33M Bitcoin on Binance in Selling Spree
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