Bitcoin has fallen 16 per cent from its all-time high last week, as the investor flows into new stock market funds that had driven a huge rally this year go into reverse.
The world’s largest cryptocurrency, which hit $73,800 last Thursday, dropped as low as $60,760 on Wednesday before recovering to just under $64,000.
Its decline comes as outflows from the 11 new bitcoin exchange traded funds hit nearly $500mn in the last two days, according to data compiled by CoinShares, an asset management group. The greatest outflow was at Grayscale, the largest bitcoin ETF, which has had more than $1bn withdrawn from its fund this week.
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