Money continues to drain from Bitcoin ETFs and panic increases among institutions!
US Bitcoin ETFs continue to record significant outflows for seven straight days, as the price of Bitcoin (BTC) continues to fall to new record lows.
Yesterday, Monday, June 24, total outflows from all nine spot Bitcoin ETFs reached $174.5 billion, with no inflows recorded.
A significant decline in Bitcoin ETFs:
After $545 million in outflows, Bitcoin ETFs continue to bleed at the start of this week.
The Grayscale Bitcoin ETF (GBTC) recorded its largest outflow of $90.4 million on Monday, bringing the total outflows from GBTC since its inception to nearly $18.5 billion.
Fidelity's FBTC fund also took a big hit with outflows of $35 million on Monday, and outflows have continued since mid-June, pushing assets under management down to less than $10 billion.
While most other Bitcoin ETFs have seen outflows, BlackRock’s IBIT has not recorded any outflows since its inception, although there have been several periods of no inflows recently.
The current sell-off clearly indicates a decline in early enthusiasm for the launch of spot Bitcoin ETFs, in addition to a decline in institutional interest in Bitcoin in light of the uncertainty in the global market.
Bitcoin investment products recorded $630 million in outflows last week.
Amid the current Bitcoin price correction, a significant divergence has been observed with the US stock market, especially the Nasdaq index.
While Bitcoin started 2024 with impressive gains following the launch of ETFs, the second quarter was a consolidation phase as the price of Bitcoin remained limited within a narrow range.
On the other hand, the Nasdaq has continued to achieve steady gains since mid-May, increasing its year-to-date gains to more than 20%, demonstrating the outperformance of technology stocks over Bitcoin.
Currently, many analysts believe that for Bitcoin to achieve a sustainable rise, a strong catalyst such as an injection of liquidity is needed.
Any sign of a change in Federal Reserve policies could lead to a strong reversal in Bitcoin's upside.
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