Bitcoin (BTC) is currently in a deep trough. The Bitcoin price had one of its bloodiest days in a long time yesterday, and the American Bitcoin spot Exchange-Traded Funds (ETFs) were also plagued by a huge capital flight yesterday. Yesterday, stock market products lost money for the seventh trading day in a row, marking a striking negative streak.

$174.5 million BTC ETF outflows

Data from Farside Investors shows that Bitcoin ETFs launched in January collectively shrank by $174.5 million yesterday.

Not a single fund managed to rake in a net inflow. In contrast, BlackRock, Bitwise, Valkyrie, and Hashdex had inflows of $0, meaning the flows were insignificant.

Grayscale’s GBTC fund was by far the biggest loser yesterday, with net outflows of $90.4 million. It was the worst trading day for the crypto asset manager since June 11. Fidelity’s FBTC comes in second with a loss of $35.2 million.

The money flows towards the funds are logically strongly correlated with the underlying Bitcoin price. Both have been underperforming for more than two weeks, which has significantly affected sentiment in the crypto market.

Bitcoin funds have had just one positive trading day since June 10. This was on Wednesday, June 12 when the funds welcomed a total of $100.8 million. The other trading days all ended in the red. On average, the funds have lost $130 million in capital every day since June 10.

Bitcoin sentiment drops to new low

The sentiment on the Bitcoin market is dire at the moment. The Bitcoin price crashed more than 7% yesterday to below $59,000, giving investor confidence a major blow.

Earlier today you could even read that the famous Fear & Greed Index has fallen by no less than 22 points to the lowest level since January 2023. The Index currently comes in at a score of 30, putting it in the lower regions of the ‘fear’ ‘ zone is located.

The Bitcoin crash is largely due to the bankrupt crypto exchange Mt. After ten years, Gox will finally hand over its more than 140,000 recovered Bitcoins to former customers. The refund process will be initiated from the beginning of July, which in theory could result in enormous sales pressure.

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Source: https://newsbit.nl/bijna-200-miljoen-verdampt-uit-bitcoin-etfs-negatieve-trend-houdt-aan/



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