Bad news is coming! Bitcoin spot ETF has a net outflow for 3 consecutive weeks. Is the bull market over?
According to data, the US Bitcoin spot ETF had a net outflow of 5,176 BTC in the 16th week, which was a net outflow for the third consecutive week. It shows that investors' interest in Bitcoin is weakening. The largest outflow is still Grayscale's GBTC, which has accumulated to 17.1 billion US dollars as of Thursday.
There are two main reasons. First, investors are worried that the Federal Reserve may postpone the interest rate cut. It is expected that the first interest rate cut this year will occur in Q4. Second, in addition to the postponement of the interest rate cut, the stagnation of Bitcoin prices is also a key reason affecting the realization of ETFs. In the past two weeks, Bitcoin has been fluctuating in the range of 60,000 to 64,000 US dollars.
Mengge believes that the recent exchange rate of the Japanese yen against the US dollar has continued to hit new lows. This abnormality will not continue. In the future, US policymakers will definitely intervene, such as injecting liquidity into the market, thereby driving up the price of crypto market assets.
