đč Bitcoinâs tumultuous week continues as data points to further downside in BTC price.dropped below $64,000 for the first time in over a month on June 21. Data from Cointelegraph Markets Pro and TradingView shows that BTC dropped from an opening at $64,840 to an intra-day low of $63,451.
đčThe last time Bitcoinâs price traded below $64,000 was on May 15, when it rose from a low of $61,299 to set a swing high at $71,980 on May 21, fueled by excitement about a spot Ether (ETH) exchange-traded fund (ETF) approval.
đčAt the time of publication, the largest cryptocurrency by market capitalization was trading at $63,552, down 3.54% over the last 24 hours.
đčBTC/USD daily chart. Source: TradingView
The broader crypto market capitalization is also down 3.24% over the same period to rest at $2.33 trillion, while EtherLetâs look at some of the reasons why Bitcoin leads the market in a correction.
đčBleeding spot Bitcoin ETFs weigh on BTC price Investorsâ risk-off sentiment is evident across the spot Bitcoin ETFs, where investors have been withdrawing their capital for days.
đčAccording to data from the crypto research platform SoSoValue, the 10 listed ETFs lost approximately $140 million on June 20.
đčGrayscaleâs GBTC, which has mostly seen outflows since its conversion to an ETF on Jan. 10, led with $53.1 million outflows, followed by Fidelityâs FBTC at $51.1 million. VanEckâs ETF reported $4 million in net outflows, while the funds from Invesco and Galaxy Digital saw $2 million in net outflows.
đčBlackRockâs IBIT, the biggest ETF by assets held, was the only product with net inflows totaling $1.5 million. Other funds from ARK Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
đșThe total trading volume for the spot Bitcoin ETFs on June 20 amounted to $1.16 billion, down from $1.7 billion on June 18. The market was closed on June 19 for a public holiday.
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