As a researcher with extensive experience in the cryptocurrency market and specifically Bitcoin ETFs, I find the current trend of consecutive outflows from Spot Bitcoin ETFs quite concerning. The fact that these outflows have coincided with the decline in Bitcoin price suggests that institutional sell-offs and miner sell-offs could be contributing factors.
As a Bitcoin market analyst, I’ve noticed an alarming trend in Spot Bitcoin Exchange-Traded Funds (ETFs). For the past week, these ETFs have experienced consecutive outflows, with no sign of letting up. This downturn comes as Bitcoin’s price continues to slide, raising suspicions that institutional and miner sell-offs could be contributing factors. Having recorded seven straight days of outflows, I delve into the historical context – what occurred the last time these funds saw such significant withdrawals?
Spot Bitcoin ETFs Lose Money For 7 Straight Days
As an analyst studying the cryptocurrency market trends, I’ve noticed some intriguing developments regarding Spot Bitcoin Exchange-Traded Funds (ETFs) based on data from Coinglass. For seven consecutive days now, these funds have experienced outflows, with an average daily withdrawal of approximately $100 million. Consequently, a substantial sum of around $1.2 billion has been withdrawn from these funds in total.
The recent downtrend is cause for concern, but it’s important to note that Spot Bitcoin ETFs have faced similar stretches of heavy losses before. In April and May 2024, these funds experienced seven consecutive days of bleeding, with losses even more severe than the current situation. Furthermore, the largest single-day outflow on record occurred during this period, with a staggering loss of $563.7 million on May 1st.
As a researcher, I’ve noticed an intriguing pattern in the behavior of these funds that could provide some context for recent and potential future developments. Specifically, back in May, after seven straight days of withdrawals, there were signs of a turnaround with two consecutive days of inflows before experiencing further outflows once more.
From that point onward, the recuperation process gained momentum as institutional investors re-entered the market. The investment trend picked up pace starting May 13, with a remarkable influx of funds for 19 consecutive days in a row, breaking previous records.
Based on historical patterns, it’s likely that Spot Bitcoin Exchange-Traded Funds (ETFs) may experience a reversal in the near future, given the recent uptick in Bitcoin’s price recovery. Should Bitcoin follow the path of its May trend, the influx of investments would be substantial, leading to price increases as demand continues to rise.
BTC On The Charts
As a researcher studying the Bitcoin market, I’ve noticed that although the price has dipped to around $60,000, it remains significantly above its 200-day moving average of $50,613. This disparity indicates a bullish trend for Bitcoin in the long term, with investors choosing to hold onto their assets rather than sell them off.
On shorter timeframes, Bitcoin has been underperforming, currently trading below its 50-day and 100-day moving averages at $65,403 and $63,928 respectively. These averages are significant indicators of Bitcoin’s short-term and medium-term trends.
As a crypto investor, I’ve noticed an uptick in Bitcoin’s performance on the daily chart. The trading volume has surged by 35%, and the cryptocurrency has managed to break through the $61,000 resistance level once more.
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2024-06-26 06:40