Standard Chartered: Further ETF Outflows Could Drive Bitcoin Price Lower
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, has warned that continued outflows from the Bitcoin Spot ETF could drive the cryptocurrency's price lower, reports The Block. This comes after the ETF saw one of its largest one-day outflows on record yesterday, selling nearly $1 billion, continuing a trend of significant outflows over the past few weeks. I don't think the sell-off is over yet, with net ETF buying now losing about $1.3 billion since the U.S. election,’ he said. Since then, the average purchase price using the daily bitcoin closing price has been $97,000.’
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