Bitcoin tracks equity bounce, but $390 million ETF outflow week keeps bulls on back foot
Bitcoin prices are currently tracking broader equity market trends amid a week of significant ETF outflows. Meanwhile, legislative progress on the Clarity Act appears to be stalling, dampening market sentiment.
Why it matters
Market participants are closely watching the correlation between crypto and traditional equities, alongside legislative hurdles that impact institutional adoption.
Without an obvious catalyst, the largest cryptocurrency appears to be tracking U.S. equities. Nasdaq 100 index futures are up 0.5% to their highest point since July 2.
Any positive reading will need to take into account last week’s net $390 million outflow from spot exchange-traded funds, including the first three-day stretch since the end of July. That was the largest weekly withdrawal from U.S. spot bitcoin products in six weeks.
Ether ETH $ 1,903.77 ETFs flows were limited, and solana (SOL) ETFs bucked the trend with their strongest weekly inflows since mid-May.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in