Bitcoin Prices Fall to $73,000 Amid U.S. ETF Fund Outflows

Coiners briefing from Aju Economy [Photo= Aju Economy DB]

Amid ongoing uncertainty regarding the timing of interest rate cuts in the United States, outflows from spot exchange-traded funds (ETFs) have contributed to a decline in the prices of major cryptocurrencies, including Bitcoin.

According to CoinMarketCap, as of 8 a.m. on May 29, Bitcoin was trading at $73,357, down 1.26% from the previous day.

Ethereum also saw a decrease, with its price falling 1.01% to $2,003. Binance Coin (BNB) and Solana dropped 1.62% and 0.83%, respectively, trading at $638 and $81. Ripple (XRP) recorded a slight increase of 0.08%, reaching $1.31.

Market analysts suggest that the ongoing outflows from U.S. Bitcoin spot ETFs are increasing price volatility. Additionally, concerns about the prolonged tightening stance of the Federal Reserve and rising global tariff risks are seen as factors weakening investor appetite for riskier assets. Recent developments in the Middle East, coupled with pressures from ETF fund outflows, have contributed to a decline in overall investment sentiment in the cryptocurrency market.

As of 8 a.m. on the same day, Bitcoin was trading at approximately 10,855,000 won ($73,544) on the domestic exchange Bithumb, reflecting a 0.66% increase from the previous day. The 'Kimchi Premium' stood at -1.226%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.

* This article has been translated by AI.

Lee Seongjin leesj@ajunews.com