Spot ETFs experience the second largest capital outflow in history, and Bitcoin once again falls below the $100,000 mark!

Notice that Bitcoin has performed strongly at the beginning of the new year, reclaiming the $100,000 price level, but this digital asset is finding it difficult to maintain its growth momentum. Bitcoin fell 1.8% on Thursday to $92,741, a significant drop from the high of $102,733 two days ago, and about 14% lower than the historical record low of $108,315 set in mid-December last year. On Wednesday, investors withdrew a net $583 million from the US Bitcoin ETF, marking the second highest outflow since the fund was launched a year ago. The success of these ETFs, along with the outspoken support of President Trump for the digital asset industry, is expected to drive Bitcoin to new highs in 2024. However, since the beginning of this year, the cryptocurrency has been stagnant in its growth. The US economic data released on Tuesday further dampened expectations of a Fed rate cut, putting pressure on risk assets. Nick Forster, founder of the crypto trading platform Derive.xyz, said traders are currently in need of downside protection in the form of put options, as the market anticipates increased volatility, possibly due to concerns about a potential correction.