The biggest outflow occurred with Fidelity’s FBTC Bitcoin ETF, totaling $80.1 million. In the past five days, withdrawals have remained consistent, reaching a total of $581.4 million.
On June 14, the U.S. Spot Bitcoin ETF experienced a significant outflow of around $200 million, signaling a challenging week for trading. Leading the outflows were Fidelity’s FBTC Bitcoin ETF with $80.1 million and Grayscale’s GBTC with $52.3 million.
A prominent expert has expressed concerns about the future of Bitcoin as the cryptocurrency’s price shows signs of volatility amidst the struggling U.S. Spot Bitcoin ETF trading.
The battle rages on, with withdrawals totaling $581.4 million in the past week for the U.S. Spot Bitcoin ETF. Friday alone saw outflows of $189.9 million, primarily driven by Fidelity’s FBTC and Grayscale’s GBTC.
Bitcoin exchange-traded funds are facing difficulties in retaining investor interest, as shown by recent trends. The market sentiment has shifted, with outflows occurring in four out of the last five trading days. While there were previously strong inflows, the sudden change in investment behavior is notable.
The increased volatility in Bitcoin’s price and broader market concerns are evident in the swift withdrawals. Investors are now more cautious, impacting their risk tolerance. The question remains whether these trends will continue or stabilize as the market adjusts to recent price fluctuations.
Despite some positive market indicators, Bitcoin has continued to decline in value over the past few days. As of now, Bitcoin is trading at $66,233, reflecting a 1.30% decrease in the last 24 hours according to data from CMC.
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