๐๐Hey there, BTC enthusiasts!๐๐
๐๐We've got some news to share! US-based spot Bitcoin ETFs have seen a significant withdrawal recently, with the total amount shooting up to more than $500 million in the past week alone!๐ฑ๐ฑ
This has definitely put a dent in BTCโs price movements, which have been closely related to the ETF flows.๐๐
๐๐Since mid-January, when the US SEC approved nearly a dozen spot Bitcoin ETFs, these financial vehicles have been at the forefront of investor adoption. However, the past ten days have seen a shift, largely due to uncertainty in the US economy and the Fedโs refusal to reduce interest rates.๐๐
๐ธ๐ธOutflows have been the trend in the past eight out of nine trading days, with the only exception being June 12, which saw $100.8 million in inflows. The past week, even though Wall Street was open for just four days, saw only withdrawals.๐ธ๐ธ
๐๐As a result, BTCโs price movements have been strongly correlated to the ETF flows. Aside from a brief spike from $66,000 to $67,200 on Monday, bitcoin has been predominantly losing value, slumping to a five-week low of $63,300.๐๐
๐๐But don't worry, BTC lovers! Despite these recent developments, we remain optimistic about the future of Bitcoin! ๐๐