- Seven Days of Outflows Worsen Situation
- BTC Price Under Bearish Pressure
- Current Liquidation Situation
The situation with spot Bitcoin ETFs has escalated as significant outflows have continued for seven days. The lack of investment throughout the week has increased the uncertainty within the Bitcoin (BTC) community.
Seven Days of Outflows Worsen Situation
The major outflows from ETFs are adding to the ongoing market volatility. According to the latest data from SosoValue, spot Bitcoin ETFs saw a total net outflow of $211 million on September 5. Grayscale’s GBTC witnessed an outflow of $23.2175 million during this time. BlackRock’s IBIT stood at net zero daily inflow, while Fidelity’s FBTC saw a significant outflow of almost $149 million. Simultaneously, Bitwise’s BITB saw an outflow of $30 million, demonstrating the ongoing negative sentiment among institutional investors.
BTC Price Under Bearish Pressure
The price of Bitcoin has decreased by 4.74% over the last seven days and is currently trading at $56,672. BTC has lost its support zone around the $60,000 level that was crucial for maintaining upward momentum. Now, it appears that the BTC price may see further losses and more dips.
Current Liquidation Situation
There were $39.53 million in Bitcoin liquidations over the last 24 hours. Out of the total, $27.55 million were in long liquidations, hitting long position investors particularly hard. Overall, Bitcoin is in an extended consolidation period, and the chances of a trend reversal are currently low.
Outflows from spot Bitcoin ETFs continue, increasing market uncertainty. Bitcoin’s price continues to decline, raising concerns among investors about further market downturns.
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