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Bitcoin drops $60B from market cap as investors shuffle funds into ETFs

Despite over $10 billion in trading volume and SEC approval of 11 bitcoin ETFs, bitcoin itself has lost tens of billions of dollars.

New spot ETF cash inflows less than 0.1% of bitcoin’s market cap

In two days of trading last week, the new SEC-approved spot bitcoin ETFs attracted approximately $819 million of net new cash inflows.

Many cryptocurrency stocks fell following approval of the new spot-based bitcoin ETFs in the US, including MicroStrategy and Coinbase.

In her criticism of the approved Bitcoin ETFs, Crenshaw focused on fraudulent information, wash trading, and reasoning by ETF sponsors.

The SEC claimed the fake bitcoin ETF post was not drafted or created by the agency and that a joint investigation with the FBI is underway.