A significant outflow of $545M was reported this week as per data from Farside investors.
Despite a little uptick in the last day, the price of Bitcoin has remained in the negative.
Amid heavy withdrawals from the U.S. Spot Bitcoin ETFs, the cryptocurrency’s price has remained low throughout the week. Concerns over Bitcoin’s near-term performance were sparked by statistics from Farside Investors, which showed that these ETFs saw a total outflow of $545 million this week.
Also, the stock market was closed on June 19, so it’s important to note that the U.S. Spot Bitcoin ETF registered the outflow in only four trading days this week. A significant outflow of $545 million was reported this week, according to the latest statistics from Farside Investors. This indicates that investors are becoming more cautious.
Struggle Continues
Despite a little uptick in the last day, the price of Bitcoin has remained in the negative. In the meanwhile, the selling reflects the general market pessimism. The Juneteenth vacation caused the withdrawals to happen across four trading days, with Friday, June 21, seeing the lowest single-day outflow of $105.9 million.
Moreover, rhe largest outflow on June 21st occurred in Fidelity’s FBTC, which lost $44.8 million. Nearby, with $34.2 million and $28.8 million, respectively, were Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB). All of these numbers point to a general decline in investor trust across a number of large ETFs.
Furthermore, experts in the industry and those who have invested in Bitcoin ETFs are concerned about this significant withdrawal. Coincident with Bitcoin’s declining trading volume and price, the outflows have cast doubt on the cryptocurrency’s near-term prospects. The market’s response to these withdrawals may signal that investor confidence is waning, which might lead to further price drops.
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