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Users on the prediction market Kalshi seem to be worried by the massive drawdown Bitcoin is suffering now. According to the data provided by this platform, the crypto community expects the world’s largest cryptocurrency to drop even lower.
Yuri MolchanAccording to the prediction trend, users believe that Bitcoin is likely to lose another 27% and decline to the $58,000 price level.
Today, the bellwether cryptocurrency has recovered by 3.25%, rising to $81,740 where it is trading at the time of this writing. Over the past week, Bitcoin has been printing large declines on a daily basis with attempts to rise after that. Overall, since the end of last week, BTC has faced a staggering 18.4% correction, having fallen from as high as $99,500 zone.
Gamza KhanzadaevBitcoin withdrawals from ETFs continue
Analytics X account Lookonchain spreads the word about new outflows faced by spot Bitcoin ETFs this week. The outflows have constituted $266.53 million on February 28 – 3,274 BTC. From those, the largest Bitcoin ETF IBIT run by BlackRock lost $185.1 million.
Now, it holds 576,046 Bitcoins worth $46.9 billion. The second largest loss was faced by Grayscale Bitcoin Mini Trust – 655 BTC worth $53,756,308. A day before, according to the same source, BlackRock suffered an even bigger loss as $426.78 million was withdrawn from its ETF.
The total outflows from spot Bitcoin ETFs constituted $886.61 million on that day. Overall, Bitcoin ETFs have been bleeding for the whole week. On February 26, the largest cumulative outflow since the ETF launch in January 2024 took place as those ETFs faced a whopping $937.9 million leave. BlackRock’s ETF lost $164.4 million. On that day, the leader by losses was not BlackRock but Fidelity, from which $344.7 million were taken away by investors.
Dan Burgin
Vladislav Sopov