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Home News Crypto

Bitcoin Below $66K: Major Tokens Tank Amid ETF Outflows

by Team Lumida
June 18, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways

  1. Bitcoin fell below $66,500, erasing Monday’s gains.
  2. Dogecoin and Solana dropped by up to 9%, leading market losses.
  3. Net outflows from U.S.-listed Bitcoin ETFs reached $145 million.

What Happened?

Bitcoin and other major cryptocurrencies experienced significant declines during Asian trading hours on Tuesday. Bitcoin dropped to nearly $66,500, reversing all of its Monday gains, while Ether fell to $3,400, erasing last week’s progress. Dogecoin and Solana led the downturn, with losses of up to 9% in the past 24 hours, according to CoinGecko.

Net outflows from U.S.-listed Bitcoin ETFs hit $145 million, extending last week’s poor performance. The broad-based CoinDesk 20 index, which tracks the largest tokens excluding stablecoins, fell by 4.2%.

Why It Matters?

Understanding why these declines occurred is essential for your investment strategy. The ongoing profit-taking and significant outflows from Bitcoin ETFs are dampening bullish sentiment. According to Neil Roarty, an analyst at Stocklytics, the political uncertainty caused by Emmanuel Macron’s decision to call a snap election in France has strengthened the dollar, further pressuring Bitcoin.

A strong dollar generally puts downward pressure on Bitcoin prices. Additionally, Alex Kuptsikevich, a senior market analyst at FxPro, noted that despite favorable developments for Ether ETFs, Ethereum prices have not benefited, indicating a generally bearish market sentiment.

What’s Next?

Looking ahead, anticipate continued volatility. The current bearish sentiment could persist, especially with increased liquidity during weekdays potentially favoring sellers. Watch for further developments in U.S.-listed Bitcoin ETFs, as continued outflows could exacerbate downward pressure.

Pay attention to global political events and Federal Reserve policy changes, as these factors significantly impact cryptocurrency prices. If interest rates drop and the dollar weakens, Bitcoin might find a path back to $70,000, but until then, caution remains advisable.

Source: Coin Desk
Tags: BitcoinBitcoin ETFsCryptocurrencyDogecoinSolana
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018