Bitcoin ETFs Lose $1.3 Billion in Fortnight as Market Downturn Continues

Over the past two weeks, spot Bitcoin ETFs in the United States have seen withdrawals totaling $1.3 billion as Bitcoin’s value continued to drop.

Farside Investors’ data shows that during this period, Bitcoin ETFs experienced a collective outflow of $1.298 billion, with Grayscale recording the highest outflow of $517.3 million.

In contrast, BlackRock’s Bitcoin ETF stood out by attracting $43.1 million in new investments over the same timeframe.

During these two weeks, Bitcoin’s value decreased by 11.6%, dropping from $69,476 on June 10 to $61,359 at the current time, according to figures from TradingView.

This recent trend marks the most significant outflow from spot Bitcoin ETFs since April, which saw net outflows exceeding $1.2 billion from April 24 to early May.

Jonathan de Wet, the chief investment officer at ZeroCap, discussed the ongoing decline in the crypto market, predicting that Bitcoin could soon test a crucial support level around $57,000, partly due to repayments to Mt. Gox creditors.

De Wet noted, “Despite the broader market downturn, BTC and ETH have maintained relatively stable support levels at 63,000 and 3,400 respectively, remaining well within their recent price range.”

Market experts have also expressed concerns about potential significant declines due to impending Bitcoin sales by the German government and anticipated Mt. Gox creditor repayments nearing $9 billion expected in July.

Despite these pressures, de Wet remains optimistic about the long-term prospects, particularly with the anticipated easing measures and the launch of an ETH ETF by the end of 2024.

Conversely, eToro market analyst Farhan Badami suggested that Bitcoin, being “forward-looking,” typically anticipates major market shifts. Badami anticipates that Bitcoin’s price will stabilize in the coming weeks and possibly surge to new highs in the subsequent months.

He speculated, “Bitcoin might oscillate between $60-70K USD in the upcoming weeks.”

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