As the week ended Bitcoin (BTC) woes continued to pile up and massive Bitcoin withdrawals have started which has led to the values of the number one Cryptocoin to go below $20,000. The withdrawals constitute the biggest outflows ever of more than 50%.
Canada’s Purpose Bitcoin ETF (BTCC) saw the Bitcoin holdings fall by more than 50% in the last 24 hours. It hints a fall in buying sentiments among the hard core crypto investors of crypto assets.
Purpose Bitcoin ETF Has Eroded By 51%
Representing one of the biggest crashes of all times Purpose Bitcoin ETF has tanked by almost half its original value. It is also one of the biggest flight of capital in one day.
However there are indications that Purpose’s massive withdrawal is not an isolated case. Another well known crypto fund, 3iQ CoinShares Bitcoin ETF also saw a massive flight of BTC from 23,917 BTC on June 1 to 12,668 BTC on June 17.There is a concerted efforts by entities to withdraw BTC assets.
More Massive Selling of Bitcoin In Store Ahead?
BTC values had sunk below the psychological point of $20,000 which was the support level and the peak in the bull run in 217.On June 20 the values of BTC fell to $17,570 before regaining and is now trading at $21,147.49 when reports last came in.
BTC/USD daily price chart. Source: Coindesk
However, the remains of BTC left behind hints at high redemption rates by their institutional clients precipitated by fears that BTC would resume its bear run below $20,000 in 2022.