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Arslan Butt
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Arslan Butt
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Bitcoin is trading at $57,211 decreasing by 1.30% Bitcoin ETFs experienced their largest outflows in four months, with $287 million withdrawn, signaling decreased investor demand.
The selling pressure led to a Bitcoin price drop of 3%, reflecting the broader crypto market decline.
Major funds like Fidelity’s FBTC and Grayscale saw significant redemptions, intensifying concerns around market sentiment.
As Bitcoin struggles, analysts remain cautious about further potential losses in the near term.
Bitcoin ETFs Face Largest Outflows in Four Months as Crypto Prices Drop
Bitcoin ETFs saw their largest outflows in four months on Tuesday, as the broader crypto market declined. According to Farside Investors, around $287 million was withdrawn from 11 U.S.-listed Bitcoin ETFs, marking the biggest outflow since May 1.
Fidelity’s FBTC fund led the withdrawals, losing $162 million, followed by Grayscale, which saw $50.4 million in redemptions. Other funds, including Ark 21Shares and Bitwise, also experienced significant outflows.
These outflows signal a drop in investor demand and have added selling pressure on Bitcoin. As a result, Bitcoin’s price fell about 3%, further highlighting the negative market sentiment.
- Fidelity’s FBTC lost $162 million
- $287 million withdrawn from U.S.-listed Bitcoin ETFs
- Bitcoin price dropped 3% due to selling pressure
JPMorgan: Bitcoin Mining Profitability Hits Record Low Amid Price Drop
According to a JPMorgan report, Bitcoin mining profitability fell to an all-time low in August. Miners earned just $43,600 per exahash (EH/s) in daily rewards, a stark contrast to November 2021’s $342,000 per EH/s when Bitcoin neared $60,000.
This decline is driven by Bitcoin’s three-month price slump and increased mining difficulty, which rose 9% in August. The network’s hashrate also increased by 16 EH/s, making mining even more competitive.
This squeeze on miners’ profits is increasing selling pressure, potentially pushing Bitcoin prices lower. U.S.-listed mining companies have already seen a 15% drop in market capitalization, signaling diminished investor confidence.
- Mining profitability at $43,600 per EH/s
- Network hashrate surged 16 EH/s in August
- 15% drop in U.S.-listed mining firms’ market cap
Swiss Bank ZKB Launches Bitcoin and Ethereum Trading for Clients
Zurich Cantonal Bank (ZKB), one of Switzerland’s largest banks, has introduced Bitcoin and Ethereum trading for its clients. Through ZKB’s eBanking and Mobile Banking services, customers can now buy, sell, and securely store cryptocurrencies.
ZKB will handle private key storage, simplifying the process for clients by removing the need for external wallets or third-party management.
This new service is available to both private clients and other banks, with Thurgauer Kantonalbank being the first to adopt it.
The move may have contributed to Bitcoin’s price drop today, as competition intensifies and investors adjust their holdings in response to ZKB’s enhanced crypto trading and custody options.
- ZKB launches Bitcoin and Ether trading
- Available via eBanking and Mobile Banking
- ZKB manages private key storage
Bitcoin Bearish Channel Holds, Eyes $55K Support Level
Bitcoin (BTC/USD) is trading around $57,101, down by 1.48% in the last 24 hours. The 4-hour chart shows that BTC remains under pressure, with the price trading within a descending channel.
This pattern is characterized by lower highs and lower lows, indicating bearish momentum.
The 50-period EMA at $58,797 acts as dynamic resistance, keeping BTC below the $59,329 resistance level.
The RSI has dropped to 41.06, signaling bearish pressure, but not yet in the oversold zone, suggesting that further downside could be possible.
Immediate support is seen near the $55,573 level, and if breached, BTC may find the next key support at $54,000.
However, a potential bounce could be triggered if BTC breaks above the channel’s upper boundary near $58,000.
A move above the 50 EMA and resistance at $59,329 would be needed to shift the momentum to the upside, potentially targeting the $61,192 level.
Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio
Transitioning from the buzz around Pepe Coin, it’s clear that meme coins are taking the crypto market by storm. Among the promising newcomers, Pepe Unchained ($PEPU) is rapidly gaining attention for its potential to deliver substantial returns.
- Presale Advantage: Investing in $PEPU during its presale phase could result in significant gains, according to crypto experts like Jacob Crypto Bury.
- Passive Income Opportunity: The 499% APY staking feature offers an excellent chance to generate passive income, making $PEPU a strong contender in the market.
- Investor Confidence: With 321 million $PEPU tokens already staked, there’s clear evidence of strong investor confidence in the project’s long-term success.
Don’t Miss Out on the Pepe Unchained Presale
- Secure Investment: Pepe Unchained’s smart contract has undergone thorough audits by Coinsult and SolidProof, ensuring a secure investment opportunity.
- Easy Purchase Options: Buying $PEPU is simple, with options to purchase using ETH, USDT, BNB, or even a credit card.
- Take Action Now: With the presale nearing its next price increase, it is time to potentially grow your wealth significantly.
This optimistic outlook is supported by popular crypto YouTuber Jacob Crypto Bury, who predicts strong growth for meme coins this year and emphasizes the benefits of investing early in presales like Pepe Unchained.
Buy $PEPU Presale Now
As of the latest update, the presale has raised $10.49 million from its $10.51 million goal.
Currently, 1 $PEPU is priced at $0.0089461, but the clock is ticking for the next price increase. Secure your investment before the price goes up!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
