BTC faces biggest selloff in a year after spot ETF approval, but buying interest is more than making up for it

"Bitcoin faced its biggest selloff in a year in the week following the approval of a spot ETF, but buying interest is more than making up for it," crypto fund EMC Labs said in a recent report, according to O'Daly. "In the first two trading days following the approval of BTC spot ETFs, GBTC saw net outflows of $5.79 billion, while other ETFs saw net inflows of $8.19 billion. In addition, from the 10th to the 12th of this month, more than 300,000 BTC were deposited on centralized exchanges, but withdrawals also increased, resulting in a net inflow of only 1.6 million BTC. This can be interpreted as buying. Between $3.3 billion and $3.6 billion of purchasing power was accumulated on exchanges from the 10th to the 14th, and this did not decrease. Stablecoin's market capitalization grew by $1.7 billion last week, and the inflow rate is at a three-month high".