US Bitcoin ETF Outflow Hits $146M As Bitcoin Price Plummets

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As a seasoned crypto investor with a keen interest in Bitcoin and its related ETFs, I find the recent data from Farside Investors both intriguing and concerning. The substantial net outflows from US Bitcoin spot ETFs, amounting to $145.9 million in a single day, are a clear indication of shifting sentiment among investors.

Yesterday, there was a notable withdrawal of approximately $146 million from the US Bitcoin spot ETF market as reported by Farside Investors’ latest data. This sizable transfer suggests a changing attitude among investors. For the past three days, the net inflow has been in the red.

As an analyst, I’ve examined the recent trends in US Bitcoin Exchange-Traded Funds (ETFs). Out of the ten available options, including BlackRock (IBIT) and Grayscale (GBTC), nine experienced no or negative single-day inflows. Based on data from chain analysis, the cumulative total net inflow after 109 trading days fell below $15 billion. This market dynamic, with significant outflows, appears to have contributed to the recent downturn in Bitcoin’s price.

Detailed Breakdown of ETF Outflows

As a researcher studying the daily trends in US Bitcoin spot ETFs, I discovered that there was an outflow of approximately $145.9 million from these funds yesterday. Among them, Fidelity Wise Origin Bitcoin Fund (FBTC) saw the most substantial shift with a net outflow totaling $92 million. This indicates a notable change in investor preferences towards this specific fund.

As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market in the United States, I’ve observed some recent trends in net outflows for various Bitcoin ETFs. ARK 21Shares Bitcoin ETF (ARKB) experienced significant net outflows totaling $50.0 million. On the other hand, VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) saw relatively smaller outflows of $3.8 million and $3.0 million, respectively. Invesco Galaxy Bitcoin ETF (BTCO) also reported net outflows amounting to $2.9 million. By excluding the flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), I calculated a total net outflow of approximately $145.9 million across these five US Bitcoin-spot ETFs.

US Bitcoin ETF Outflow Hits $146M As Bitcoin Price Plummets

In the unpredictable Bitcoin ETF market, this latest development reveals contrasting investor attitudes towards various Bitcoin ETFs. Notably, during times of falling prices, the sentiment towards specific ETFs such as IBIT, BTCO, EZBC, BRRR, BTCW, and DEFI has remained unchanged, resulting in no new investments or redemptions (zero net inflows). In simpler terms, these investors have maintained a neutral stance towards these particular ETFs.

Bitcoin Price Trends and Market Implications

Today, Bitcoin’s (BTC) cost is $65,567.92. In the previous 24 hours, Bitcoin was traded for a total volume of $36.6 billion. This represents a decrease of 0.67% in the last day and a drop of 3.50% over the past week.

As a crypto investor, I’d interpret Bitcoin’s current market scenario this way: With a circulating supply of 20 million BTC in existence, the cryptocurrency boasts a market capitalization of an impressive $1.2 trillion. At the moment, Bitcoin hovers below its 50-day moving average (EMA), but manages to stay above the more significant 200-day EMA. This technical setup suggests a bearish trend in the near term, while the longer-term outlook remains bullish.

If Bitcoin (BTC) surpasses its 50-day moving average, it might provide the bulls with an opportunity to advance toward the $69,000 resistance point. A breach of this level could potentially indicate a continuation toward the historic peak at $73,808. Keep an eye on US retail sales reports, comments from Federal Open Market Committee (FOMC) members, and trends in the United States Bitcoin-spot exchange-traded fund (ETF) market flow for insights into market behavior.

Bitcoin investors are at a pivotal point where a potential recovery to $70,000 or a prolonged decline to $60,000 could unfold. Breaking the support at around $65,000 would weaken Bitcoin’s defenses against an intensifying bearish trend, emphasizing the importance of the current price ranges.

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2024-06-18 11:56