Bitcoin dropped more than $10,000 this week, and Anchorage Digital data suggests US investors drive the selloff. Spot Bitcoin ETFs in the US have lost $2.35 billion over two weeks, and the Crypto Fear and Greed Index sits at Extreme Fear.
Bitcoin plunged more than $10,000 this week, and it now trades at $65,116 for a 12.4% loss. Anchorage Digital data suggests US investors are driving the selloff.
Anchorage data points to US sell flow
According to Anchorage Digital researcher David Lawant: "BTC sell pressure continues to come primarily from the U.S". He posted a chart that shows heavy net taker sell flow primarily on Coinbase compared with overseas exchanges.
The US spot Bitcoin ETFs have also seen heavy outflows. They lost $2.35 billion over the past two weeks, and influencer Axel Bitblaze noted that Bitcoin fell after the US open on all but two of the past fifteen days.
Zhao denies Binance is behind the crash
Binance founder Changpeng Zhao rejected the idea that Binance sold crypto and said he bought crypto in the past few days. He attributed the crash to money shifting to the Anthropic IPO, the Bitcoin ETF outflows, security fears after the Binance hack, and hot inflation data raising expectations of interest rate hikes.
Markets are now pricing in a quarter point Fed hike in December.
Bitcoin rebounds from a four month low
Bitcoin fell to a four month low near $62,000 on Sunday but has since rebounded above $65,000. The Crypto Fear and Greed Index fell to 10, which is Extreme Fear.
History offers some good news. Bitcoin bottomed after the US midterm elections in 2018 and 2022, and it more than doubled in price within 12 months of both.
Source: Cointelegraph.com News
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