Here’s Why Bitcoin Dipped Below $64K Today

Bitcoin’s mid-week price rally that drove it to a monthly peak of $67,000 came to a halt, and the asset dipped below $64,000 earlier today, erasing essentially all the gains it had recorded.

Here are the two possible reasons behind this nosedive.

ETF Investor Exodus

At first, we begin with the spot exchange-traded funds tracking the largest cryptocurrency. They were on a seven-day roll that began last Tuesday and had attracted roughly $1 billion within that timeframe for the first time since April. However, investors changed their minds once again on Thursday, pulling out over $200 million worth of BTC. This coincided with the asset’s initial retracement that drove it toward $65,000.

More recent on-chain data from today, though, claimed that BlackRock has continued to dispose of BTC for its clients, sending approximately $203 million to Coinbase Prime, which it always uses when it liquidates some of its ETF positions.

Of course, the actual damage for the entire day will be announced tomorrow when data providers such as SoSoValue update their numbers. For now, though, the uncertainty remains relatively high given the latest trend shift.

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