Bitcoin Drops to $77.6K Amid ETF Outflows and Tech Sector Pressure
Cumulative fund outflows topped $1 billion in two sessions as digital assets track the decline in tech stocks.
Bitcoin is trading lower this Tuesday at $77,666.37. The asset has fallen 0.6% over the last 24 hours according to market data.
The decline takes place against a backdrop of heavy selling pressure on spot cryptocurrency ETFs in the United States. These funds saw $399 million in outflows on Monday following a $643 million withdrawal on Friday.
The cumulative volume of outflows surpassed the $1 billion mark in just two trading days. The market remains focused on the aftermath of the recent attack on the Binance exchange which continues to impact investor confidence.
Bitcoin's performance maintains a correlation with the technology sector in global markets. Experts note that the cryptocurrency is following the trajectory of artificial intelligence companies rather than reacting to the easing of oil prices.
In Brazil, the asset remained stable and was priced at R$ 425,543.22. Among other digital assets, XRP rose 2.5% while Ether and Solana posted declines of 0.2% and 1% respectively.
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