The biggest cryptocurrencies were broadly down Monday as US-listed spot price bitcoin exchange-traded funds recorded their sixth straight day of net outflows on Friday.
Bitcoin dipped to its lowest level in more than 40 days, falling 5.3% in the past 24 hours, and last trading at about $60,862, data compiled by CoinMarketCap showed. Ethereum decreased by more than 5.4% to trade at $3,305.
The global crypto market cap fell 4.7%, to $2.24 trillion. The CoinDesk Market Index, which tracks 192 digital assets, was down about 4.9% in the past 24 hours.
Bernstein analysts on Monday said the recent bitcoin price slide is primarily driven by a lack of new catalysts and bitcoin ETF outflows exceeding $1 billion as much of the previous inflows were driven by conversions and trades rather than new demand.
US-listed spot price bitcoin ETFs recorded their sixth straight day of net outflows on Friday, bringing the holiday-shortened week’s total exits to $544 million, according to data compiled by SoSoValue.
Key economic data on investors’ radar this week includes Tuesday’s home price index for April and the Conference Board’s Consumer Confidence measure. The highlight of this week’s economic data is the Federal Reserve’s preferred inflation gauge, the personal-consumption expenditures core price index, due on Friday.