The price of Bitcoin (CRYPTO: BTC) is approaching $58,000, leading to a significant decrease in exchange-traded funds (ETFs).
The Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) was trading 3.18% lower, while the Bitwise Bitcoin ETF (NYSE:BITB) dropped by 3.39% during the same period.
Coindesk states that this downturn in ETFs follows a market selloff over the weekend, which resulted in BTC’s price falling to around $58,000. At the time of writing, BTC was trading at $58,704.30.
ETFs tracking these assets listed in the U.S. recorded outflows on Friday, with BTC ETFs losing $89 million and ETH ETFs seeing $15.7 million in outflows, according to data from SoSo Value.
Why It Matters: The recent selloff in the crypto market, which brought the crypto market capitalization down to $2 trillion, is viewed as a buying opportunity by Bitwise Chief Investment Officer Matt Hougan.
He compared the current situation to the global capital markets meltdown in March 2020, when Bitcoin was hit the hardest, losing 37% and wiping out its yearly gains in a day. However, that turned out to be a buying opportunity for BTC.
Price Action: Bitcoin was trading at $58,906 at the time of writing, down by 3.56% in the last 24 hours, according to Benzinga Pro data.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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