Bitcoin ETF Capital Drain Deepens With $139 Million Outflow.
The spot Bitcoin ETF ecosystem has continued to lose capital in what is a sustained bearish trend for the asset class. It remains unclear why Wall Street has continued to capitulate on its once aggressive Bitcoin ETF embrace, but the current disposition has triggered a sustained drawdown in the price of Bitcoin.
Per data from SoSoValue, a total of $139.98 million left spot Bitcoin ETFs on June 20. Grayscale Investments' GBTC turned out to be the biggest loser, with a total outflow of $53 million. Fidelity Investments came second, with investors pulling out $51 million.
Bitwise (BITB) also saw a total outflow of $32 million, while VanEck recorded $4 million in capital drain relative to its size. Invesco Galaxy Digital's offering saw a total of $2 million.
Not all the spot Bitcoin ETF products recorded outflows as BlackRock's iShares Bitcoin Trust (IBIT) broke the trend. The product recorded a daily volume of $565 million, while the net inflow came in at $1 million. There is a very thin line between Bitcoin ETF inflows and outflows, and from current market data, the products in question all showcased some form of an uptick in trading volume.
Over the past week, spot Bitcoin ETF products have recorded a net outflow of $900 million as June 20 marked the fifth straight day of outflows. This marks the product's worst performance since mid- April, shortly after the short inflow stint mid-month.
The impact of these bearish Bitcoin ETF trends has also trickled down to the lackluster performance of BTC. Over the past 24 hours, the price of the coin has dropped by 2.8%, and it is trading at $63,784.68. Bitcoin's trading volume is up 33.93% to $25,990,936,338, shining a light of confidence.
With this rebooted sentiment and hopes for a rebound on the spot Bitcoin ETF market, the price of the coin might reroute its trend in the short term.
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'Bitcoin Trader Fatigue' on Display as Price Awaits Epic Breakout.
Many investors are waiting for the price of Bitcoin (BTC) to rebound after weeks of rangebound motion. While the prospects for a rebound remain high, market analytics platform Santiment has revealed that the market is currently experiencing "Bitcoin trader fatigue."
Bitcoin twist imminent.
Notably, Bitcoin trader fatigue was highlighted as a major troubling trend as this extended level of Fear, Uncertainty and Doubt (FUD) is rare, as traders continue to capitulate. Santiment pointed out that this disinterest in Bitcoin comes as the price of the coin hovers from $65,000 to $66,000.
According to the chart shared by the market analytics platform, the Weighted Sentiment of Bitcoin comes in at -0.800433. Amid this FUD, one intriguing trend is that Bitcoin whales are accumulating the coin at an alarming rate. Santiment noted that this negative sentiment, mixed with whale accumulation, often signifies upcoming bottoms.
What this signals essentially is that the sell-offs in the price of Bitcoin might soon shift gears, with prospective accumulation set to take over across the board.
At the time of writing, Bitcoin was trading for $65,849.86, up by 0.83% in the past 24 hours. While this uptick is not uncommon considering its latest price action, Bitcoin might need more visible accumulation for it to wriggle completely out of the bear zone.
Fundamentals are there.
Bitcoin is the most revered digital currency, a recognition that gives it an edge against elongated sell-offs. The presence of the spot Bitcoin ETF, the past halving cycle and corporate embrace is set to help return bullish energy to the coin.
At the current level, the volume is still showcasing a buildup in general interest as it is down by 44.26% to $19,148,407,098. A sustained return of inflows into the U.S. spot Bitcoin ETF might be a major trigger to watch out for in the long term.
Into TheBlockのデータによると、人気のTelegramプラットフォームに関連付けられている暗号通貨であるトンコイン(TON)は、過去24時間で、クジラ活動を示す指標である大規模な取引量で驚くべき急増を見せています。驚異的な376%と数値化されたこの急増は、トンコインが価格下落に直面しているときに起こっています。