The largest spot Bitcoin ETF lost around half of its assets last Friday. The Purpose Bitcoin ETF (BTCC) had outflows of 24,150 bitcoin, the biggest redemption since inception. The outflows forced BTCC to sell almost $500 million in Bitcoin.
ETF Newz Says:
The mass outflow is believed to be partly responsible for the Bitcoin crash down towards $17,500/BTC as the huge selloff added more pressure to an already wavering market.