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Today's Market 🥹
The market for cryptocurrency exchange-traded funds (ETFs) experienced significant outflows on Tuesday, with withdrawals nearing one billion dollars. Bitcoin and Ethereum funds topped these losses, with $523 million exiting Bitcoin funds and $430 million from Ethereum funds.
Fidelity's funds led these withdrawals, with no fund achieving inflows. This shift can be attributed to several factors, including:
* Market Volatility: Bitcoin and Ethereum prices showed a decline after reaching record levels earlier in August, with Bitcoin's price exceeding $124,000 before pulling back.
* Macroeconomic Concerns: Such as worries about inflation and the impact of tariffs and monetary policies, which affected the markets as a whole, including technology and cryptocurrency markets.
* Natural Market Correction: After a period of significant gains and record inflows earlier in the year, some investors may choose to take profits, leading to outflows.
Stay tuned for more cryptocurrency news.
@Solayer _labs