The American Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) have been posting disastrous results for some time now. Yesterday, funds launched in January saw capital outflows for the fifth consecutive trading day, marking a striking negative streak.
The disappointing cash flows go hand in hand with the declining Bitcoin price, which has now fallen below $65,000 again.
New outflows from Bitcoin ETFs
Bitcoin exchange products are currently experiencing heavy headwinds. Since last Monday, almost every trading day has been a major disappointment, characterized by outflows.
Last week, the funds raised more money than they took out on Wednesday alone. Throughout the week, the funds lost a total of nearly $600 million.
The exodus has continued into the current week. On Monday, the ETFs lost $145.9 million, followed by $152.4 million a day later. The American stock markets were closed last Wednesday.
Yesterday turned out to be another disappointment. The stock exchange funds have shrunk by a total of $108.4 million, according to data from Farside Investors. The only small bright spot is that net outflows were lower than the last four trading days.
Grayscale’s GBTC saw the most capital leave, with an outflow of $53.1 million. Fidelity’s FBTC fund also stands out with a loss of $51.1 million.
The results since June 10 are in stark contrast to those of the previous weeks. The funds had a record series of 19 trading days with inflows. The tide has now completely turned, which logically means bad news for the underlying Bitcoin price.
BTC price back below $65,000
The results of the Bitcoin ETFs are of course closely correlated with the Bitcoin price. When the price flourishes, the funds become more popular. Recently, the Bitcoin price, just like the ETFs, has been hit hard, causing the overall crypto sentiment to take a huge hit.
Yesterday things seemed to be heading in the right direction again for bitcoin. However, after a price increase of a few percent, Bitcoin hit the wall just below $67,000. The entire increase has now been canceled out, as the price has fallen below $65,000 again.
At a current price of $64,500, BTC is on thin ice. If the price falls below $64,000, $60,000 could soon be sought.
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Source: https://newsbit.nl/bitcoin-etf-leegloop-zet-door-met-verlies-van-meer-dan-100-miljoen/
