ETFs drag two weeks of exits while Bitcoin finds support at USD $64,000 – DiarioBitcoin
By Hannah Perez
US spot Bitcoin ETFs closed on Friday with a net outflow of $106 million, amassing two weeks of outflows. Meanwhile, Bitcoin remains in the USD $64,000 area.
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- US Spot Bitcoin ETFs Saw $106 Million Net Outflow on Friday
- They accumulate two weeks of losses, with a negative flow of around USD $1,000 million
- Bitcoin retreated to USD $63,400 before finding support at USD $64,000
Exchange-traded funds (ETFs) Bitcoin US spot markets continued to extend losses on Friday as Bitcoin fell to lows of more than a month.
The group of products with direct exposure to Bitcoin closed its second consecutive week of losses on Friday, with a daily outflow worth USD $105.9 million, according to data provided by Farside Investors. The day marked the close of a full week of departures and a previous week that had only one day of positive flows.
After an unprecedented streak of continued inflows, ETFs Bitcoin took a turn on June 10, when they saw their first daily net outflow of capital in 18 sessions coinciding with a bearish correction for the price of the flagship cryptocurrency.
The outflow trend has continued since then, except for one inflow session last week. Collectively, the ETFs Bitcoin American cash flows have accumulated an outflow of close to USD $1 billion in the last 15 days.
FBTC Fidelity dominated in terms of daily outflows on Friday, with USD $44.8 million withdrawn, followed by GBTC’s Grayscale with USD $34.2 million and ARKB of Ark Invest with outputs of USD $28.2 million.
All other funds remained neutral, with no net capital inflows or outflows on the day, except for the ETF Franklin TempletonEZBC, which recorded a modest entry of USD $1.9 million.
Together, the group has accumulated a net income of USD $14,562 million in total, since its debut in January.
Bitcoin (BTC), meanwhile, slid in price to a low of around $63,400 on Friday, last seen in early May, before recovering modestly to the $64,000 area.
The largest and oldest cryptocurrency has been declining in price in line with the rest of the market since the US Federal Reserve announced a forecast of only one rate cut by the end of this year, in response to still persistent inflation in the country. Investors expected a cut in the summer and another at the end of 2024.
At the time of publication, BTC maintains a price of USD $64,236, with a loss of 3.24% for the week and a modest gain of 0.43% in the last 24 hours.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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