Bitcoin ETFs Face Continued Outflows Amidst Market Volatility.

Spot Bitcoin ETFs have experienced a prolonged period of negative flows, totaling $211 million in outflows over the past seven days. This trend, highlighted by data from SosoValue, has contributed to a bearish sentiment within the broader crypto market.

Grayscale's GBTC and Fidelity's FBTC were among the ETFs experiencing significant outflows. Meanwhile, BlackRock's IBIT maintained a net-zero daily inflow. The overall net asset value of Bitcoin spot ETFs currently stands at approximately $50 billion, indicating a lack of substantial growth since their launch in January.

The price of Bitcoin has also been under pressure, declining by 4.74% over the past week to $56,672. The cryptocurrency has breached its support level of $60,000, raising concerns about further potential declines. Liquidations of Bitcoin over the past 24 hours have totaled $39.53 million, with a majority of these being long liquidations.

The continued outflows from Bitcoin ETFs and the bearish price action of Bitcoin suggest a prevailing negative sentiment among institutional investors. The market remains in a state of consolidation, with limited prospects for a significant upward trend in the near term.