Bitcoin ETF Outflows Reach $544 Million
Spot Bitcoin exchange-traded funds (ETFs) saw significant outflows amounting to $105.9 million on June 21, contributing to a total net outflow of over $544 million. This trend marks the sixth consecutive day of outflows exceeding $100 million, with major funds like the Fidelity Wise Origin Bitcoin Fund, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF experiencing the bulk of these outflows.
Market Sentiment and Whale Activity Impact Bitcoin
The broader cryptocurrency market is currently experiencing heightened fear, uncertainty, and doubt (FUD), leading to Bitcoin’s price dropping below $64,500. On-chain data reveals that Bitcoin whales have been actively selling off their holdings, with approximately $1.2 billion worth of BTC sold in the past two weeks. This significant sell-off coincides with negative net flows in spot Bitcoin ETFs, raising concerns about market impact.
Bitcoin Price Volatility Continues
Bitcoin’s price recently faced challenges, dropping to $63,500 on June 21 before rebounding slightly. Despite this recovery, the cryptocurrency has seen a 7.2% decline over the past 14 days, reflecting the ongoing volatility in the market. The fluctuating prices and increased selling pressure from whales underscore the uncertain environment surrounding Bitcoin and other cryptocurrencies.
