Crypto Selloff Accelerates Amid ETF Outflows — Market Talk
The selloff on cryptocurrency markets has accelerated amid exchange traded fund outflows, Saxo strategists say in a note. "Selling was triggered by nearly $900 million in spot bitcoin ETF outflows, led by iShares Bitcoin Trust." The iShares Ethereum Trust ETF also weakened further. Uncertainty around the Federal Reserve's next interest rate decision in December, Thursday's mixed U.S. nonfarm payrolls report and thinning crypto liquidity have added to pressure, the strategists say. Bitcoin falls 3.9% to $83,829 after earlier hitting a seven-month low of $80,553, LSEG data show. Ether falls 4.5% to $2,749 after reaching a four-and-a-half-month low of $2,627 earlier. ([email protected])