Bitcoin Under Pressure: Hedge Funds Pull Back From ETFs, Triggering Potential Price Drop

Concerns are mounting in the cryptocurrency market as hedge fund withdrawal from Bitcoin exchange-traded funds (ETFs) could trigger a significant price drop. Arthur Hayes, co-founder of BitMEX, warns that if these funds exit their positions, Bitcoin could plummet to $70,000. 24 February saw record outflows from U.S. Bitcoin ETFs, totaling $517 million – the largest single-day withdrawal in seven weeks, as reported by CoinGlass. Bitcoin’s price subsequently fell over 5%, reaching $91,000 on February 25 before a partial recovery.