Coin Edition -
- US spot Bitcoin ETFs saw $1.298 billion outflows in two weeks.
- Bitcoin’s price dropped 11.6% from $69,476 to $61,162 amid continued outflows.
- Market experts predict further Bitcoin price corrections.
U.S. spot Bitcoin Exchange-Traded Funds (ETFs) have experienced outflows totaling $1.298 billion over the past two weeks, coinciding with a decline in Bitcoin’s price, according to data from Farside investors.
Grayscale’s GBTC leads the standings with a total outflow of $642.5 million in the same timeframe. Meanwhile, BlackRock’s IBIT Bitcoin ETF emerged as the only fund to post a net inflow of $43.1 million. Bitcoin’s (BTC) price fell by 11.6% during the same period, dropping from $69,476 on June 10 to $61,162 as of press time, per CoinMarketCap data.
Since April, Bitcoin ETFs have seen increased outflows, with the Bitcoin investment vehicles recording outflows exceeding $1.2 billion between April 24 and the start of May.
Jonathan de Wet, Chief Investment Officer of crypto trading firm ZeroCap, expects Bitcoin’s price correction to reach its “key support” level of $57,000 amid continued outflows and Mt. Gox creditor repayments. De Wet added:
“BTC and ETH are actually holding up surprisingly well given the rest of the market, with key support at 63,000 and 3,400 respectively, and still clearly within the price range over the past few months.”
Moreover, several market experts have expressed concerns that Bitcoin could experience a significant price decline and increased selling pressure. This position stems from the German government’s Bitcoin sale and Mt. Gox’s $9 billion creditor compensation is set to commence in July.
Although Bitcoin and other digital assets could experience downward pressure, de Wet noted that Mt. Gox creditor compensation could spark a bullish outlook for the long term.
“Medium to long-term we are constructive given the ETH ETF launch expected easing bias toward the end of 2024 before actual easing in 2025.”
eToro market analyst Farhan Badami echoed this sentiment, stating that Bitcoin is “forward-looking” and typically appreciates during significant market events. He predicted that Bitcoin could remain range-bound between $60,000 and $70,000 in the coming weeks.
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