It has been a year since Bitcoin ETFs were approved, and by the end of this week, a significant outflow from these funds was observed.
Outflow Statistics
According to Farside Investors, the US Bitcoin ETF saw an outflow of $149.4 million at the end of this week, with BlackRock's IBIT leading the charge at $183.6 million. Following it, Bitwise's BITB showed an outflow of $1.6 million. While some issuers failed to disclose their numbers, others like Grayscale's GBTC, Ark's ARKB, and Fidelity's FBTC showed positive sentiment with flows of $16.6 million, $5.7 million, and $13.5 million respectively.
Bears in Control
Currently, the Bitcoin price remains under bearish control despite large withdrawals from the US ETF. The cryptocurrency has seen mostly positive trading activity in the last 24 hours, with a slight decline.
Bitcoin Price Dynamics
After reaching the $100,000 milestone, the price of Bitcoin has dropped by 4.03% over the past week and 6.40% over the past month. It oscillates from a peak of $102,000 consolidating around $94,000. Confirmation of an upswing requires testing critical resistance levels, yet the asset remains in a weak zone.
While interest in Spot Bitcoin ETFs remains a topic of conjecture, the current situation with outflows and price changes warrants further observation.
