BTC Price Drops to $86,000
Bitcoin exchange-traded funds (ETFs) faced substantial withdrawals on March 7, with investors pulling out a total of $409 million, as per data from SoSoValue. The ARK 21Shares Bitcoin ETF bore the brunt of the outflows, witnessing a $160 million reduction. BlackRock’s IBIT ETF also experienced a significant downturn, losing $39.85 million.
Meanwhile, Ethereum ETFs saw a more restrained decline, with total withdrawals amounting to $23 million on the same day. This wave of selling pressure coincided with Bitcoin’s price drop below $86,000, an event that unfolded alongside a cryptocurrency summit at the White House.
By March 8, the ripple effect of these ETF outflows was evident across the broader cryptocurrency market, bringing total market capitalization down by 3.35% to $1.7 trillion. Despite this, trading activity surged, with 24-hour volume rising by 15.13% to reach $49.35 billion. Bitcoin’s fully diluted valuation (FDV) stood at $1.8 trillion, maintaining a volume-to-market cap ratio of 2.87%. The total circulating Bitcoin supply remained at 19.83 million BTC out of the 21 million BTC cap.
Market sentiment remained under pressure despite a strategic executive order signed by the U.S. president, aiming to establish a national crypto reserve. The White House cryptocurrency summit, held in the State Dining Room, convened industry heavyweights, including MicroStrategy CEO Michael Saylor, Coinbase cofounder Brian Armstrong, investors Cameron and Tyler Winklevoss, and Ripple CEO Brad Garlinghouse.
During the event, Treasury Secretary Scott Bessent reaffirmed the United States’ commitment to maintaining the dollar’s position as the global reserve currency. He also outlined plans to integrate stablecoins into the financial system, hinting that the government’s crypto holdings might extend beyond Bitcoin to include assets such as XRP.
