Bitcoin Languishes Below $88,000 As Spot ETFs See $1 Billion Outflows On Tuesday

As Bitcoin (CRYPTO: BTC) continues to trade below the $88,000 mark, U.S. spot bitcoin ETFs experienced record outflows of $1 billion on Tuesday, marking the largest daily net outflows since their inception.

What Happened: According to data cited by The Block, 10 out of 12 spot bitcoin funds reported net outflows, with Fidelity‘s (BATS:FBTC) leading the pack at $344.65 million, followed by BlackRock’s (NASDAQ:IBIT) with $164.3 million.

This surge in outflows coincided with bitcoin’s price dropping to its lowest point this year. At the time of writing, Bitcoin is trading around $87,700, down 1.9% over the past 24 hours.

Other major cryptocurrencies like Ethereum (CRYPTO: ETH), XRP (CRYPTO: …

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