📣🔔 Heads up, BTC enthusiasts! 🚀 Bitcoin (BTC) has been on a bit of a rollercoaster ride, hitting new local lows of under $59,000. 📉 This dip comes as outflows from the U.S. spot Bitcoin exchange-traded fund (ETF) market continue into the new week. 😮

Bitfinex's latest weekly report revealed that U.S. spot Bitcoin ETFs lost over $100 million each trading day last week, totaling a whopping $544.1 million in collective outflows. 📊📉 Analysts suggest this is due to weak-handed ETF investors reacting to short-term negative news and unwinding of basis/funding arbitrage due to negative funding rates. 😱

Another sign of this unwinding is the sharp decline in Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) and other trading platforms. 📉 The CME saw a $220 million drop in the past week, and the overall aggregate open interest across other platforms fell by more than $450 million. 😲

But hold on, it's not all doom and gloom! 🌈🌞 Bitfinex analysts predict that BTC could be nearing its bottom, as heavy ETF outflows often correlate with the formation of local bottoms. 📈 They caution that market sentiment remains bearish, but this pattern is crucial for investors to monitor as it often provides clues to potential reversals or stabilization points within the market. 🧐🔍 So, keep those eyes peeled, BTC fans! 🚀🌕