This week, Bitcoin prices continue to struggle, with U.S. spot Bitcoin ETFs experiencing significant outflows. According to data from Farside Investors, these ETFs faced $545 million in outflows, raising concerns about Bitcoin’s near-term performance. Notably, due to the Juneteenth holiday on June 19, the U.S. spot Bitcoin ETFs recorded these outflows over just four trading days.
U.S. Spot Bitcoin ETFs Experience $545 Million Outflow
Farside Investors’ latest data reveals a significant outflow of $545 million from U.S. spot Bitcoin ETFs this week, reflecting a growing sense of caution among investors. Despite a brief price recovery within the past 24 hours, Bitcoin remains in a losing position.
The outflows underscore a widespread bearish sentiment in the market. Notably, these outflows occurred over a shortened four-day trading week due to the Juneteenth holiday, with the lowest single-day outflow recorded on Friday, June 21, at $105.9 million.
On June 21, Fidelity’s FBTC ETF saw the highest outflow at $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 highlight a broader trend of declining investor confidence across major ETFs.
Market Analysts Anticipate Bitcoin Drop to $60,000
The substantial outflows from Bitcoin ETFs, coupled with subdued trading activity, have fueled speculation about a potential price drop. Notable cryptocurrency analyst Rekt Capital has warned of further declines in the coming days, suggesting that Bitcoin may face additional downward pressure in June before a possible recovery and subsequent rebound.
Conversely, market analyst Ali Martinez has observed a marked decrease in investor interest in Bitcoin prices. This waning interest could further exacerbate downward pressure, potentially pushing Bitcoin towards the $60,000 mark.
The extensive ETF outflows and tepid market performance have heightened concerns among Bitcoin investors. While the market may experience a temporary downturn, some analysts remain optimistic about Bitcoin’s long-term potential, predicting a recovery and continued upward trajectory post this volatility period.
As of this writing, Bitcoin’s price has decreased by 0.3%, trading at over $64,300. In the past 24 hours, this flagship cryptocurrency reached a low of $63,378.89, with its daily trading volume falling by 7% to $24.13 billion. However, Bitcoin futures open interest has increased by 0.43% to $5.5 billion within four hours, indicating a potential resurgence in investor confidence in the cryptocurrency.
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