Bitcoin Facing Worst Month In 3 Years: ETFs Lose Record $3.7B
Topline
Bitcoin exchange-traded funds have lost a record high $3.7 billion so far in November, surpassing the record $3.6 billion loss in February, as the cryptocurrency is on track for its worst monthly performance since the November 2022 crypto crash.
Key Facts
U.S. listed exchange-traded funds tracking the price of Bitcoin have lost a record $3.7 billion so far in November, according to data from SosoValue, in the midst of a broader selloff in cryptocurrencies during the month.
The cryptocurrency bellwether slid more than 35% from its peak of $126,000 in October, to as low as $80,000 on November 21, its lowest price since April.
The crypto market has faced a major slide in October, with prices falling at a pace last-seen during the 2022 crypto industry collapse set off by the fall of Sam Bankman-Fried’s FTX.
Exchange-traded funds tracking Ethereum, the second largest cryptocurrency by market capitalization, also lost more than $1.6 billion in November.
Last week, the total market value of all digital tokens dropped below $3 trillion for the first time since April, data from CoinGecko showed.
Bitcoin slid close to 2% to around $86,000 on Tuesday.
Content Original Link:
" target="_blank">
