Key Takeaways
- As bitcoin prices have fallen, spot bitcoin ETFs have seen some $1.3 billion in outflows since Oct. 29, according to data platform SoSovalue; spot ether ETFs experienced outflows of almost $500 million over the same time period.
- The weakness in the world’s most well-known cryptocurrency weighed on major stocks linked to it including MicroStrategy, Coinbase Global and Robinhood.
Red October is spilling into November.
The price of bitcoin, the world’s best-known and most-valuable cryptocurrency, today fell more than 5% to its lowest point—recently trading below $100,000—since hitting its record high over $126,000 in early October. The weakness extends declines that began after what is now called the crypto market’s Black Friday in the middle of last month, which helped pull bitcoin down for the month to mark its first red October since 2018.
Whether those declines will turn into a full-on downturn, which some…
