"BTC doesn't really relax, it just goes down and doesn't want to go up and down."
A more hawkish than expected Federal Open Market Committee (FOMC) meeting sent cryptocurrency king Bitcoin (BTC) down to $64,672, causing its digital asset investment product to experience $600 million in outflows last week.
Through observation, Grayscale Bitcoin Trust ETF (GBTC) saw the largest outflow of 274.3 million followed by ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) which experienced net flows of $149.7 million and $146.3 million respectively.
Even so, the negative sentiment is not limited to the United States (US) alone as Canada, Switzerland and Sweden also saw an outflow of about $15 million, $24 million and $15 million compared to Germany which had an inflow of $17 million.
However it should be noted that BTC price has retested the $67,000 resistance zone before declining again as BTC Dominance which increased by 0.91% at 54.24% has shown that more capital is being poured into BTC than other altcoins.
Over the past day, the amount of BTC held in the crypto exchange decreased by 0.06% at 1.81 million BTC which means that investors act to transfer BTC from crypto exchange wallets to personal wallets thus showing the intention to hold and sell it.
The derivatives market is more active including the number of options open interest and open interest BTC futures which increased slightly suggesting traders use BTC for speculative purposes and protect the value of their positions who want to minimize risk.
The move of BTC to crypto exchanges will create further selling pressure, commented popular crypto analyst Michael van de Poppe, adding that the selling activity could lead to a short-term rise in the price of BTC followed by a major decline.
According to Rekt Capital, BTC may need to correct the price to $64,000 first before climbing higher but the leading trader Titan of Crypto thinks that the digital asset can slip up to $60,000 if you look at the technical formation on the monthly chart.
As of this writing, BTC price has plunged by 2.53% to $64,720 in the last 24 hours with a market cap of $1.2 trillion and a further 5.88% decline over the past week.