Bitcoin dips 2.7% as ETF outflows rise and XRP drops below $1 after bridge hack
Bitcoin closed the week down 2.7% at around $62,990, with spot Bitcoin ETFs reversing strong inflows into outflows and XRP briefly falling below $1 due to a cross-chain bridge exploit. Despite stable prices, significant structural shifts occurred: Goldman Sachs agreed to acquire NEOS Investments, gaining crypto income ETFs; Bitcoin miners like Riot Platforms sold BTC to fund AI data centers amid unprofitable mining conditions; and US crypto regulatory progress was delayed to September. The crypto market remains range-bound with low volatility, trading mainly on ETF flows rather than inflation data, while regulatory clarity and miner selling pressure are key factors to watch next.
Bitcoin closed the week down 2.7% at around $62,990, with spot Bitcoin ETFs reversing strong inflows into outflows and XRP briefly falling below $1 due to a cross-chain bridge exploit. Despite stable prices, significant structural shifts occurred: Goldman Sachs agreed to acquire NEOS Investments, gaining crypto income ETFs; Bitcoin miners like Riot Platforms sold BTC to fund AI data centers amid unprofitable mining conditions; and US crypto regulatory progress was delayed to September. The crypto market remains range-bound with low volatility, trading mainly on ETF flows rather than inflation data, while regulatory clarity and miner selling pressure are key factors to watch next.
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