Bitcoin Dives on ETF Outflow, Russia’s State Duma Passed Crypto Law

Bitcoin (BTC) and other top digital assets dropped as sell pressure dragged cryptocurrency market capitalisation down. Trading data from across the cryptocurrency market showed BTC trading at $64k, a sharp decline of about $4k from this week’s peak price.

Reflecting bearish sentiment around BTC, the crypto market is down 0.94% to $2.19 trillion on Friday, primarily driven by a sudden reversal in Bitcoin-linked exchange-traded funds (ETF)  flows and macro uncertainty.

After a seven-day inflow streak totalling $1 billion, spot Bitcoin ETFs experienced over $200 million in net outflows during the week. On-chain data showed BlackRock’s IBIT ETF moving over 3,126 BTC…