Bitcoin slides below USD $64,000 amid higher outflows in ETFs – DiarioBitcoin
By Hannah Perez
Spot Bitcoin ETFs in the US have seen over $900 million in outflows in the last 2 weeks. Meanwhile, Bitcoin slid to its lowest price in more than a month.
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- Bitcoin hits the USD $63,000 area, reaching its lowest price since mid-May
- The rest of the cryptocurrency market was also painted red, and is dragging weekly losses
- US Spot Bitcoin ETFs Accumulate Over $900M Outflows
Bitcoin (BTC) is deepening its losses for the week and has fallen to its lowest price in more than a month amid continued outflows for that cryptocurrency’s exchange-traded funds (ETFs) in the United States.
The leading cryptocurrency by market cap fell as low as $63,570 this Friday morning (ETD), amid a 5% weekly slide. Bitcoin It had started the week modestly above $67,000, but has remained in a downward trend, accumulating losses in recent days.
The last time BTC traded this low was in mid-May, after a decline towards the USD $58,000 area and after closing April with monthly losses of more than 14% in its first red month since August 2023. Bitcoin changes hands around USD $63,700 at the time of publication.
The rest of the cryptocurrency market has replicated the bearish trend, although some major assets appear to remain in stronger areas. Ethereum (ETH) managed to hold on to the USD $3,500 mark until the morning hours, when it modestly dropped from that level amid a 3% daily price decline.
Other cryptocurrencies register broader percentage losses, as is the case of Solarium (SOL) which has fallen just over 5% in the last 24 hours, settling around USD $131. The rest remains mostly in the red in both daily and weekly terms, while global capitalization has fallen by 2.95%.
ETFs Bitcoin Accumulate departures for more than USD $900 million
The US Federal Reserve’s (FED) announcement last week to keep interest rates unchanged, coupled with the forecast of just one cut this year, negatively impacted the cryptocurrency market.
Investors had expected the US central bank to announce several cuts to benchmark rates this year, which would provide relief for risk assets such as digital currencies. However, FED officials have been reluctant to ease monetary policy due to the persistent inflation rate.
The bearish price action has coincided with a slowdown in inflows to ETFs. Bitcoin cash in the country. After a streak of record inflows, the fund group marked a reversal on June 10 when it closed its first session of net capital withdrawals in 18 consecutive days.
The departures have been extended since then, except for a single day last week. Yesterday, ETFs Bitcoin American spot markets saw joint net outflows of USD $140 million, accumulating departures of more than USD $900 million in the last two weeksaccording to calculations based on data from Farside Investors.
GBTC, the ETF converted from Grayscalehad the worst session on Thursday, with outflows of USD $53 million, followed by a negative flow of USD $51 million for FBTC from Fidelity. Three other funds also had losses, although smaller in comparison, including BITB of Bitwisewhich recorded a negative flow of USD $31.5 million.
The ETF Bitcoin of BlackRock was the only one that observed net capital inflows yesterday for USD $1.5 million, while the rest of the products remained neutral, with no daily inflows or outflows.
To date, the group of ETFs with exposure to Bitcoin In the U.S. it has racked up $14.6 billion in revenue since debuting in January. IBIT of BlackRock leads with more than USD $17 billion in entries.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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