Bitcoin spot ETFs have witnessed sustained capital outflows, with 5,176 BTC exiting in Week 16, marking the third consecutive week of net outflows. Analysts anticipate an additional 1,310 BTC to flow out at Monday's opening.
Three Consecutive Weeks of Net Outflows | HODL Capital
Among the U.S. Bitcoin spot ETFs, Grayscale's GBTC recorded the highest outflow, totaling around 1,395 BTC, equivalent to a fund outflow of $89.04 million. The combined holdings of eleven Bitcoin spot ETFs currently stand at 833,562 BTC, with a market value of approximately $5.321 billion.
10XResearch analysts warn of potential downside risks for Bitcoin, predicting a decline to the range of $52,000 to $55,000. Factors contributing to this risk assessment include a decrease in Bitcoin miner revenue, indicating issues with Bitcoin's fair value.
Bitcoin has experienced significant price declines since reaching a historic high on March 15th, signaling exhaustion in upward momentum. 10XResearch analysts suggest that Bitcoin may have peaked in its short-term upward trend and could enter a potential downtrend towards $52,000.
The next 24 hours are deemed critical to determine whether Bitcoin will continue its descent. Analysts urge caution amid the current market conditions and advise monitoring closely for further developments.
At the time of writing, the price of Bitcoin is $62,880.
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