Funds pivot to cash as bitcoin ranges near $60k; basis trades falter, ETF outflows grow.

A correction in the crypto market has pushed many professional investors into liquid assets or higher cash allocations, Bloomberg reports.

“Bitcoin has found a new range around $60,000 and is drifting there without the slightest directional conviction,” said Bohan Jiang, senior derivatives trader at FalconX.

At the time of writing, the leading cryptocurrency changes hands around $67,400—almost 50% below…