Bitcoin dropped below $63,000, losing 1.14% since midnight UTC as a second day of outflows from spot exchange-traded funds and a lack of bullish catalysts weighed on the crypto market.
Spot bitcoin ETFs experienced the first back-to-back days of outflows since late July with $192 million exiting the products, according to SoSoValue.
The largest cryptocurrency is now trading at its lowest point since Aug. 3 having wiped out all of last week’s rally. Ether is down by 0.73% since midnight, while a portion of the altcoin market continues to show resilience, outperforming crypto majors.
U.S. equities were boosted on Thursday by producer price inflation data, which cooled to 4.7%, below forecasts. The S&P 500 and Nasdaq 100 both rallied following the report, and futures on the indexes remain marginally in the black.
Derivatives positioning
- Futures churn continues: While the crypto market is under pressure, the…
