The largest outflow was $80.1 million from Fidelity’s FBTC Bitcoin ETF.
There have been consistent withdrawals totaling $581.4 million over the previous five days.
On June 14, the U.S Spot Bitcoin ETF saw a large outflow of about $200 million, marking a bleak trading week overall. The largest outflow was $80.1 million from Fidelity’s FBTC Bitcoin ETF, followed by $52.3 million from Grayscale’s GBTC.
An influential expert has spoken out about the possible consequences for Bitcoin’s future as the cryptocurrency’s price exhibits indications of instability amidst the bleak U.S. Spot Bitcoin ETF trading.
Struggle Continues
With consistent withdrawals totaling $581.4 million over the previous five days, the U.S. Spot Bitcoin ETF had a difficult week. Outflows hit $189.9 million on Friday alone, driven mostly by FBTC from Fidelity and GBTC from Grayscale.
Also, according to this week’s trend, Bitcoin exchange-traded funds are having a hard time keeping investors interested. There has been a change in market mood, as outflows have happened on four out of the last five trading days. It should be noted, nevertheless, that these withdrawals follow a time of strong inflows, indicating an abrupt change in investment behavior.
The heightened volatility in the Bitcoin price and the wider market worries are also reflected in the quick withdrawals. As a result of this change in attitude, investors are becoming more cautious, which is putting pressure on their risk tolerance. Now that the market has adjusted to the recent price changes, the issue is whether these tendencies will continue or stabilize.
Bitcoin has maintained its steep fall over the last few days, despite some encouraging market indicators. At the time of writing, Bitcoin is trading at $66,233, down 1.30% in the last 24 hours as per data from CMC.
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