Bitcoin fell to $78,000 on net outflows of institutional funds.

According to CoinMarketCap, a virtual asset market tracker, as of 9:30 a.m. on the 17th, bitcoin was trading at $78,143, down 1.27% from the previous day. Ethereum, the leading altcoin (virtual assets excluding bitcoin), stood at $2,182, down 2.05% from the previous day.

Prices of virtual assets including Bitcoin appear on the digital board at the Bithumb customer center in Gangnam-gu, Seoul. /Courtesy of News1

The weakness in the virtual asset market on the day is attributed to institutional fund outflows. According to SoSoValue, a virtual asset information platform, U.S. spot bitcoin exchange-traded funds (ETF) posted $290 million in net outflows on the 15th. They shifted to net outflows after six straight weeks of net inflows.

Concerns about surging U.S. inflation have also dampened expectations for interest rate cuts by the Federal Reserve, the U.S. Central Bank, and risk-off sentiment strengthened as tensions between the United States and Iran over the Strait of Hormuz flared again.

※ This article has been translated by AI. Share your feedback here.