Bitcoin is struggling amid continued strong ETF outflows and selling pressure from the upcoming redemption of Mt. Gox.
US Bitcoin exchange-traded funds (ETFs) are on track to see their longest sell-off streak after recording Cash outflow was more than $174 million on Monday, this is the seventh day in a row, according to data from SoSoValue.
📊 Bitcoin ETF Tracker | 2024-06-24
🟥 Daily Total Net Inflow -$174.45M
💰 Total Value Traded $2.95B
🏦 Total Net Assets $51.53B
📊 ETF Market Value Ratio 4.39%🥇 Net Inflows/Outflows for Each ETF
⬜️ IBIT $0
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ DEFI $0
🟥 BTCO -$2.37M
🟥 ARKB -$7.19M
🟥… pic.twitter.com/830045e8uW— SoSoValue (@SoSoValueCrypto) June 25, 2024
Yesterday, the fund Grayscale’s GBTC recorded $90 million in withdrawals, while the fund Fidelity’s FBTC followed with $35 million in outflows.
Notably, on Monday no ETFs recorded capital inflows. Fund Franklin Templeton’s EZBC also saw its first capital outflow since May 2, with over $20.8 million withdrawn yesterday.
Other funds also reported inflows and outflows yesterday, including VanEck’s HODL ($10 million), BITB by Bitwise ($8 million), ARKB by Ark Invest/21Shares ($7 million) and BTCO of Galaxy Digital ($2 million).
Additionally, other ETFs such as BlackRock’s IBIT, along with funds from Valkyrie, WisdomTree and Hashdex recorded no cash flows.
Accordingly, this is the longest streak of withdrawals since May 2 after these ETFs witnessed outflows in seventh day in a row.
According to analysts, the fact that Bitcoin experienced a sharp price drop on Monday was also the reason why ETF funds recorded strong outflows.
At the present time, at the moment, Bitcoin is showing weak performance his after news from the trustee of Mt. Gox announced that it will begin repaying debt in July with more than $9 billion in Bitcoin and Bitcoin Cash.
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