According to data from Farside investors, there has been a significant outflow of $545 million reported this week. Despite a slight increase in the price of Bitcoin in the past day, it has mostly remained in the negative. The low price can be attributed to heavy withdrawals from the U.S. Spot Bitcoin ETFs throughout the week. Farside Investors’ statistics have sparked concerns about Bitcoin’s short-term performance, as it shows a total outflow of $545 million from these ETFs.
It is important to note that the stock market was closed on June 19, so the outflow reported by the U.S. Spot Bitcoin ETF only accounts for four trading days this week. This significant outflow of $545 million, as reported by Farside Investors, suggests that investors are becoming more cautious.
The struggle continues for Bitcoin, as its price has remained mostly negative. This selling reflects the overall market pessimism. The withdrawals occurred over four trading days due to the Juneteenth holiday, with the lowest single-day outflow of $105.9 million recorded on Friday, June 21.
The largest outflow on June 21st was seen in Fidelity’s FBTC, which lost $44.8 million. Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB) followed closely behind with outflows of $34.2 million and $28.8 million, respectively. These numbers indicate a decline in investor trust across multiple large ETFs.
Industry experts and Bitcoin ETF investors are concerned about this significant withdrawal. The outflows, combined with the declining trading volume and price of Bitcoin, have raised doubts about the cryptocurrency’s short-term prospects. The market’s reaction to these withdrawals may suggest that investor confidence is diminishing, potentially leading to further price drops.
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