Outflows from US Bitcoin spot exchange-traded funds (ETFs) top $1.3 billion over the past two weeks as Bitcoin prices continue to fall.
According to data From Farside Investor, total outflows from the Bitcoin ETF were $1.298 billion over the past 2 weeks of trading with top outflows from Grayscale amounting to $517.3 million over the same period.
Notably, BlackRock’s Bitcoin ETF was the only fund with positive results, receiving inflows worth $43.1 million over the past two weeks.
Bitcoin ETF lost $900 million in 6 yesterday | Source: FarSide Investors
During the same time frame, Bitcoin price fell more than 11%, from $69,476 on June 10 to $61,333 at the time of writing, according to TradingView data.
Recent outflows across spot Bitcoin ETFs are the worst since April, when BTC investment vehicles posted total net outflows exceeding $1.2 billion from April 24 to the beginning of the month 5.
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap said that while the broader cryptocurrency market “continues to be in the red” – he expects Bitcoin prices to fall to “ “critical support” of around $57,000 in the coming weeks amid creditor Mt. Gox must repay debt.
“BTC and ETH are actually holding up surprisingly well compared to the rest of the market, with key support levels at $63,000 and $3,400 respectively, clearly still in range for several months via”.
Many market commentators have shared concerns about significant downward price pressure ahead. This is due to the German government selling Bitcoin and nearly $9 billion in BTC refunding Mt. Gox is expected to hit the market in July.
De Wet said that while there is a risk that Bitcoin and other cryptocurrencies will fall further next week due to selling pressure from Mt. Gox but he maintains a bullish long-term outlook.
However, some analysts said the impact of repaying creditors of Mt. Gox may not be as bad as predicted.
eToro market analyst Farhan Badami points out Bitcoin can be considered “forward-looking” and often prices during key market events.
Badami expects Bitcoin price to stabilize in the coming weeks and continue to rise back to new ATH levels over the next few months.
“Over the next few weeks, it is likely that prices will still trade in the $60-70,000 range.”
You can see Bitcoin prices here.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Minh Anh
According to Cointelegraph
