Bitcoin (BTC) has retreated to the $70,000 range just a day after crossing the $80,000 mark. The outflow of BTC spot ETF funds due to economic recession concerns is influencing the price decline.
According to the global virtual asset market site CoinMarketCap on the 11th, BTC was traded at $79,655.83 as of 8 am that morning. This is a 4.06% drop from the previous day. At the same time, Ethereum (ETH), the leading altcoin, recorded a decline of 8.78% at $1,524.23. XRP dropped 4.63% and was traded at $1.969 per coin. Solana (SOL) fell 5.43% to $112.68.
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On the domestic exchange Bithumb, BTC recorded 118,099,000 won, down 3.41% from the previous day. ETH dropped 8.25% to 2,258,000 won, and XRP was trading at 2,917 won, down 4.07%.
The large-scale outflow of BTC spot ETF funds is putting pressure on prices. According to UK investment management firm Perseid Investors, approximately $595 million (about 864.8 billion won) was net outflowed from March 28 to April 8. Even after the US suspended reciprocal tariffs with countries other than China on the 9th, an additional $127 million (about 184.5 billion won) was withdrawn.
Experts analyzed that as the possibility of an economic recession increases, there is a preference for safe-haven assets. They predict that asset allocation will continue to focus on government bonds and cash until market uncertainty is resolved.
Michael Widener, global co-head of fixed income at US hedge fund Lazard Asset Management, said, "We can confirm that the credit market liquidity has completely dried up" and "Investors are moving to safer assets like government bonds or cash, and this flow could eventually lead to a credit crunch."
The Crypto Fear and Greed Index from virtual asset data analysis company Alternative.me turned to a 'fear' state, rising 21 points to 39 points from the previous day. This index means that investment sentiment is subdued when closer to 0, and market overheating when closer to 100.
- Reporter Kim Jung-woo
- woo@sedaily.com
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