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Market Wrap: Crypto Rally Continues, Smaller Altcoins Outperform Bitcoin in June

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MARKET WRAP: BTC, up 22% since Saturday's low, and other crypto assets continued to rally on Tuesday amid a broad-based market comeback. HeleneBraunn reports

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Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atThe huge outflow from the Purpose Bitcoin ETF drained half of the assets and mounted $500 million in selling pressure on BTC's price before the weekend crash.

The world's largest bitcoin spot exchange-traded fund lost half of its assets under management last Friday, which might have exacerbated bitcoin’s crash on Saturday. The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoins on Friday, the most severe redemption in a single day since the fund made its debut on the Canadian Stock Exchange in April 2021, according to the Norway-basedThe outflows mean that the fund had to sell about $500 million in BTC at Friday’s price, adding to the selling pressure in an already shaky crypto market, Arcane wrote in a report.

“The enormous outflows are likely caused by a forced seller in a huge liquidation,” Arcane analyst Vetle Lunde wrote. “The forced selling of the 24,000 BTC could have triggered BTC’s move down towards $17,600 this weekend.”

 

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HeleneBraunn I am pleased to see green in my portfolio on bitfinex

HeleneBraunn On-chain transfers between exchange wallets are often mistaken for transactions of ordinary wallet addresses. Based on JieData's metadata, you can create your own metrics.

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