๐Ÿš€๐Ÿš€Hey there, BTC enthusiasts!๐Ÿš€๐Ÿš€

๐Ÿ“‰๐Ÿ“‰We'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!๐Ÿ˜ฑ๐Ÿ˜ฑ

This has definitely put a dent in BTCโ€™s price movements, which have been closely related to the ETF flows.๐Ÿ“‰๐Ÿ“‰

๐Ÿš€๐Ÿš€Since 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 Fedโ€™s refusal to reduce interest rates.๐Ÿš€๐Ÿš€

๐Ÿ’ธ๐Ÿ’ธOutflows 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.๐Ÿ’ธ๐Ÿ’ธ

๐Ÿ“‰๐Ÿ“‰As a result, BTCโ€™s 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 $63,300.๐Ÿ“‰๐Ÿ“‰

๐Ÿš€๐Ÿš€But don't worry, BTC lovers! Despite these recent developments, we remain optimistic about the future of Bitcoin! ๐Ÿš€๐Ÿš€