Bitcoin ETF outflow reaches $545 million. Will BTC fall to $60,000?

Author: What Orange Says

This week, Bitcoin prices continued to struggle, and U.S. spot Bitcoin ETFs saw significant outflows. According to data from Farside Investors, these ETFs faced a total of $545 million in outflows this week, raising concerns about Bitcoin's near-term performance. In addition, it is worth noting that due to the stock market being closed on June 19 for the Juneteenth holiday, U.S. spot Bitcoin ETFs recorded outflows in just four trading days this week.

U.S. Spot Bitcoin ETFs Record $545 Million in Outflows

The latest data from Farside Investors shows that U.S. spot Bitcoin ETFs saw outflows of up to $545 million this week, reflecting growing investor caution. It is worth noting that despite a brief recovery in the past 24 hours, Bitcoin prices are still in the red.

At the same time, the outflows highlight the general bearish sentiment in the market. It is worth noting that due to the Juneteenth holiday, the outflow occurred over four trading days, with the lowest outflow on a single trading day being Friday, June 21, at $105.9 million.

Source: Farside Investors

On June 21, Fidelity's FBTC had the highest outflow of $44.8 million. It was followed by Grayscale's GBTC and ARK 21Shares Bitcoin ETF (ARKB), with outflows of $34.2 million and $28.8 million, respectively. The figures highlight a general trend of declining investor confidence in multiple major ETFs.

Meanwhile, a large amount of funds have been withdrawn from Bitcoin ETFs, raising alarm among market analysts and investors. The outflows come at a time when Bitcoin's trading volume and price have shown signs of weakness, adding to uncertainty about Bitcoin's short-term outlook. The market's reaction to these outflows could be a precursor to further price declines as investor sentiment falters.

Market Analysts Expect Bitcoin to Fall to $60,000

The large outflows from Bitcoin ETFs, coupled with low Bitcoin trading activity, have sparked widespread speculation that Bitcoin prices could fall. Notably, well-known cryptocurrency analyst Rekt Capital warned that Bitcoin could fall further in the coming days. He said that while Bitcoin could face additional downward pressure in June, this drop could be followed by a recovery and subsequent rebound.

On the other hand, Ali Martinez, another well-known market analyst, found that investor interest in Bitcoin's price has clearly declined recently. This waning interest could further add to the downward pressure on Bitcoin prices, pushing it towards the $60,000 mark.

Massive ETF outflows and lackluster market performance have heightened concerns among Bitcoin investors. While the market may experience a temporary drop, some analysts remain optimistic about Bitcoin's long-term potential, predicting that after this period of volatility, Bitcoin will recover and continue to rise.

As of writing, Bitcoin prices are down 0.3% and trading above $64,300. In the past 24 hours, the flagship cryptocurrency hit a low of $63,378.89, and its daily trading volume fell 7% to $24.13 billion. However, in four hours, BTC futures open interest rose 0.43% to $5.5 billion, indicating that investors may be regaining confidence in cryptocurrencies.

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