BTCE European Bitcoin ETF Flows Detach from BTC Price Correlation
CryptoNewsTerminal Staff14 Aug, 2024
BTCE European Bitcoin ETF Flows Detach from BTC Price Correlation
The correlation between the fund flows of the Bitcoin spot ETF from European crypto asset manager ETC Group, BTCE, and the BTC spot price has weakened. Since the BTC spot ETF was launched in January, there has been a sustained outflow of funds from BTCE, which held 27,980 BTC on the 27th of January and currently holds less than 17,000 BTC. In the past, outflows from BTCE have often preceded BTC price declines, but recently the token has appreciated despite this. This divergence in correlations suggests a changing market dynamic.
