The largest outflow of funds, totaling $80.1 million, was observed from Fidelity’s FBTC Bitcoin ETF. In the past five days, withdrawals have remained consistent, amounting to a total of $581.4 million.
On June 14, the U.S Spot Bitcoin ETF experienced a significant outflow of approximately $200 million, marking a challenging trading week overall. The biggest outflow came from Fidelity’s FBTC Bitcoin ETF, with $80.1 million, followed by $52.3 million from Grayscale’s GBTC.
An influential expert has expressed concerns about the potential implications for Bitcoin’s future as the cryptocurrency’s price shows signs of instability amidst the bleak U.S. Spot Bitcoin ETF trading.
The struggle continues as the U.S. Spot Bitcoin ETF faced a tough week with withdrawals totaling $581.4 million over the past five days. On Friday alone, outflows reached $189.9 million, predominantly driven by FBTC from Fidelity and GBTC from Grayscale.
Bitcoin exchange-traded funds are currently struggling to maintain investor interest, as outflows have occurred in four out of the last five trading days. Despite a period of strong inflows, the recent withdrawals indicate a sudden shift in investment behavior.
The increased volatility in Bitcoin’s price and broader market concerns are also evident in the rapid withdrawals. Investors are becoming more cautious, impacting their risk tolerance. The question now is whether these trends will persist or stabilize.
Despite some positive market indicators, Bitcoin has continued to experience a sharp decline in recent days. As of now, Bitcoin is trading at $66,233, reflecting a 1.30% decrease in the last 24 hours according to data from CMC.
