US Spot Bitcoin ETFs recorded outflows on August 14 ending two-day inflow streak.
Bitcoin showed a price decline of 4.57% in the last 24 hours as per CMC data.
The US Spot ETFs over the last few months have begun to witness declining activity. While the spot Ethereum ETFs are attempting to stage a revival, the spot Bitcoin ETFs have failed to do so. Meanwhile, the two cryptocurrencies have struggled to surpass their current price levels.
According to Sosovalue data, the digital assets recorded $81.36 million in daily net outflows as of August 14. Among the eleven spot ETFs, Grayscale’s GBTC recorded the highest amount of outflows of $56.87 million. Meanwhile, BlackRock’s IBIT exhibited a modest inflow of $2.68 million. Apart from Grayscale, Fidelity, Ark Invest & 21Shares, and Bitwise also showed outflows.
Notably, in the past two days, the spot Bitcoin ETFs exhibited positive flows amounting to a total of $66.81 million. This occurred after the digital assets recorded two consecutive weeks of outflows. This streak was preceded by nearly four weeks of consecutive positive flows.
The spot Bitcoin ETFs which were launched on January 11, saw impressive inflows in the first few months. This was combined with Bitcoin’s March price hike, leading to a positive sentiment in the market. However, the past few months as aforementioned have shown negative flows within the sector.
Meanwhile, the Bitcoin price has yet again witnessed declines in the last 24 hours and slid back to $58K levels. In the past few weeks, the token’s high liquidations were partly contributed by the Spot Bitcoin ETFs.
Bitcoin Price Activity Amid Mixed Spot ETFs’ Signals
In the last 24 hours, Bitcoin price witnessed a 4.57% decline and slid momentarily to the $57K level. Meanwhile, the cryptocurrency’s daily trading volume showed an increase of 16.39%. At the time of writing, BTC was trading at $58,391 according to CMC data.
Zooming out, over the past month, Bitcoin has shown a price performance of 6.84% decline. This decline occurred following July’s market crash and recovery trading cycles. However, analysts expect the token to witness price breakouts in the coming months, despite current bearish trends.
On the other hand, the US spot ETH ETFs witnessed modest inflows on Wednesday maintaining their positive flows streak this week.
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