Bitcoin has worst week in a very long time on the American stock market

Bitcoin (BTC) has not had an easy week. Anything but. A large chunk of the value has disappeared and American listed funds have also seen a large sum of money flow away. It was even the worst trading week in months for the ETFs.

BTC funds lose more than $1 billion

There are several reasons why it has been such a tough week for the digital currency. Since last week, the United States and China have been in a new trade conflict. After two and a half weeks, the American government is still in lockdown and concerns have arisen about a new banking crisis.

The Bitcoin price has fallen from $115,000 to a current level of $107,000. That makes a loss of just under 7 percent. It would be the worst week since March, although of course we still have one day to go.

Last week, almost 7 percent was also reduced. But then that was mainly due to the gigantic crash on Friday. This week, Bitcoin declined from Tuesday to Friday.

As a result, we also see a clear difference in the results of the Bitcoin spot Exchange-Traded Funds, the funds that follow the Bitcoin price.

Last week, the stock market products raised $2,714.8 billion. In fact, Monday saw its best performance since launch with net inflows of more than $1.2 billion.

This week it’s a completely different story. Only on Tuesday there was a positive result with an inflow of $ 102.7 million. At the bottom line, $1,225.3 billion has disappeared. Since the last week of February, the funds have not been drained as much as they are now.

Ethereum funds lost $311.8 million this week. That marks the biggest loss since the week of September 22, when $795.8 million flowed out.

Has the bottom been reached?

IncomeSharks notes that the gigantic inflow peaks in the Bitcoin ETFs have coincided with local peaks in the Bitcoin price in the past. He therefore thinks that we could soon have major outflow days on our plate. That could then have the opposite effect and mark a local bottom.