Bitcoin hits ‘fire-sale’ value as ETF outflows surge: Bitwise - Source: CoinTelegraph

Bitcoin price fell to a year-to-date low of $74,555 on Monday, marking a 40% drawdown from its all-time high. The move coincided with $1.3 billion in net outflows from the global Bitcoin exchange-traded products (ETPs) last week.

This drawdown coincided with extreme bearish sentiment and low valuation metrics, but the silver lining could be analysts’ view that a potential asymmetric trade setup is in the works. 

Key takeaways:

• -Bitcoin’s 2-year rolling MVRV z-score has fallen to its lowest level on record, signaling extreme undervaluation.

• -Global Bitcoin ETPs saw $1.35 billion in weekly net outflows, led by $1.49 billion from US spot exchange-traded funds (ETFs). 

• -Bitcoin’s daily RSI dropped into the 20 to 25 range, a zone that has preceded 10% rebounds in every instance since August 2023.

Story continues: https://cointelegraph.com/news/bitcoin-hits-fire-sale-value-as-capital-flows-capitulate-bitwise