On Wednesday, the trading volume of U.S. Spot Bitcoin funds reached $800 million. Bitcoin is currently under selling pressure, struggling to maintain a key support level.
Withdrawals from U.S. Spot Bitcoin ETFs have resumed, totaling $35 million after a brief period of inflows. Lookonchain, a blockchain analytics platform, reported today that Grayscale’s (GBTC) withdrawals amounted to $30.7 million.
Following this withdrawal, the investment asset management organization now holds 274,734 units of Bitcoin valued at $15.76 billion. Notably, Invesco Galaxy Bitcoin ETF also saw an outflow of 74 BTC, reducing its holdings to 6,804 BTC. Together, withdrawals from these issuers totaled 609 BTC or $35 million.
Among the five U.S.-based Bitcoin exchange-traded funds — BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB, and two others — there were no withdrawals. With 307,206 Bitcoin, BlackRock now holds the largest BTC position among them.
Simultaneously, the trading volume of these Bitcoin funds amounted to $800 million, a notable decline from Tuesday’s $995 million. This decrease suggests potential shifts in investor sentiment or market dynamics, characterized by subdued activity and net outflows. Such volatility is characteristic of the crypto market.
On the market front, Bitcoin continues to face selling pressure as it defends a support level. Its price has recently dropped to $57,000, signifying a significant decline. This downturn has surprised many investors and sparked discussions within the crypto community.
Speculative selloffs related to Bitcoin ETFs and recent market events, including the halving, appear to be contributing factors. Additionally, liquidation of overleveraged positions and unexpected sell-offs, such as those involving confiscated Bitcoin by governments, have accelerated the downward trend.
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