Bitcoin price has continued to struggle continued this week as U.S. Spot Bitcoin ETFs saw significant outflows. According to data from Farside Investors, these ETFs faced a total outflow of $545 million this week, sparking concerns over Bitcoin’s near-term performance. Besides, it’s worth noting that the U.S. Spot Bitcoin ETF has recorded the outflow in just four trading days this week, as the stock market was closed on June 19 due to the Juneteenth holiday.
US Spot Bitcoin ETF Recorded $545 Million Outflow
The latest data from Farside Investors shows that the U.S. Spot Bitcoin ETFs recorded a notable outflow of $545 million this week, reflecting growing investor caution. Notably, Bitcoin price also stayed in the red despite a brief recovery over the last 24 hours.
Meanwhile, the outflows highlight a prevailing bearish sentiment in the market. Notably, the outflows occurred over four trading days due to the Juneteenth holiday, with the lowest single-day outflow recorded on Friday, June 21, at $105.9 million.
Leading the June 21 outflows was Fidelity’s FBTC, which saw an exodus of $44.8 million. Following closely were Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB), with outflows of $34.2 million and $28.8 million, respectively. These figures underscore a broad trend of reduced investor confidence across multiple major ETFs.
Meanwhile, this significant withdrawal of funds from Bitcoin ETFs has raised alarms among market analysts and investors. The outflows come at a time when Bitcoin’s trading volume and price have shown signs of weakness, adding to the uncertainty about its short-term outlook. The market’s reaction to these outflows could be a precursor to further price declines, as investor sentiment wavers.
Also Read: Crypto Stocks Nosedives As Market Tumbles
Market Analysts Anticipate BTC Decline to $60K
The substantial outflows from Bitcoin ETFs, coupled with sluggish Bitcoin trading activity, have led to widespread speculation about a possible price dip. Notably, renowned crypto analyst Rekt Capital has warned that Bitcoin may decline further in the coming days. He suggests that while Bitcoin might face additional downward pressure in June, a recovery and subsequent rally are likely to follow this downturn.
On the other hand, another prominent market analyst, Ali Martinez, has observed a noticeable decline in investor interest in Bitcoin price recently. This fading interest could further exacerbate downward pressure on Bitcoin’s price, pushing it towards the $60,000 mark.
The combination of substantial ETF outflows and tepid market performance has heightened concerns among Bitcoin investors. While the market might experience a temporary decline, some analysts remain optimistic about Bitcoin’s long-term potential, anticipating that it will recover and continue to rally after this period of volatility.
As of writing, Bitcoin price was down 0.3% and exchanged hands at over $64,300. Over the last 24 hours, the flagship crypto has touched a low of $63,378.89, with its one-day trading volume falling 7% to $24.13 billion. However, in the four-hour time frame, the BTC Futures Open Interest rose 0.43% to $5.50 billion, indicating that the investors might be regaining confidence in the crypto.
Also Read: Regulatory Challenges Force Apple to Pause AI Enhancements in Europe
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: