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Bitcoin today: BlackRock's ETF had outflows of $523 million in one day, the worst result in the product's history.
Source: PortaldoBitcoin Original Title: Bitcoin today: BlackRock's ETF had outflows of $532 million in one day, the worst result in the product's history. Original Link: BlackRock's IBIT had its largest daily net outflow on Tuesday (18) since it entered the market in January 2024: US$ 523.2 million withdrawn from the product throughout the day. The data is from the analytics firm Farside Data.
The overall result was further tempered by the strong performance of competing products: Franklin Templeton's ETF, the EZBC, and Grayscale's Bitcoin Mini Trust, BTC, registered inflows of $10.8 million and $139.6 million, respectively.
In the final balance of Tuesday (18), Bitcoin ETFs had a net outflow of $372.8 million. November has been a challenging month for this market segment: there have now been five consecutive days with more outflows than inflows, and during this period, there were only three days of surplus.
When analyzing broader data, the market remains healthy, with total net inflows of $58.2 billion into Bitcoin ETFs since they entered the market.
The IBIT from BlackRock will have a difficult start on Wednesday (19), as it records a drop of 1.5% in the pre-market, being traded at $52.
Despite the historic day of product exits from BlackRock, the average investor is still in profit. Data gathered by Jim Bianco, head of Bianco Research, indicates that the average purchase price of all spot bitcoin ETFs since January 2024 is $90,146, which means the average buyer is now slightly in the positive with Bitcoin above $91,000.
Symbolic drop below $90,000
Bitcoin fell below the $90,000 mark for the first time in seven months on Tuesday (18), reflecting the decrease in investor appetite for risk assets in financial markets. The cryptocurrency, which is highly sensitive to risk fluctuations, has lost all gains accumulated this year and is nearly 30% below its peak of over $126,000 recorded in October.
During the European trading session, Bitcoin hit a low of $89,286.75. According to data from CoinGecko, approximately $1.2 trillion has been wiped off the total market value of cryptocurrencies in the last six weeks.
According to Reuters, industry experts indicate that the combination of uncertainties regarding possible interest rate cuts in the US and a risk-averse climate in the markets, which have fluctuated after a long period of highs, have harmed the performance of cryptocurrencies.