Bitcoin ETFs shed $1.3B over 2 weeks amid market slump

Tom Mitchelhill2 hours agoBitcoin ETFs shed $1.3B over 2 weeks amid market slumpBitcoin ETFs have seen outflows of $1.3 Bitcoin in the last two weeks of trading, but analysts expect markets to rally higher in the coming months.1203 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOutflows from United States spot Bitcoin exchange-traded funds (ETFs) reached $1.3 billion over the last two weeks as the price of Bitcoin continues to decline. 

According to data from Farside Investors, the total outflow for Bitcoin ETFs notched $1.298 billion over the last two trading weeks with Grayscale leading outflows at $517.3 million in the same period.

Notably, BlackRock’s Bitcoin ETF has been the only fund to post positive results, raking in $43.1 million worth of inflows over the last two weeks. Bitcoin ETFs shed $900 million in the last six days. Source: FarSide Investors

In the same timeframe, the price of Bitcoin (BTC) has slumped 11.6%, falling from $69,476 on June 10 to $61,359 at the time of publication, per TradingView data.

The recent spate of outflows across the spot Bitcoin ETFs have been the worst since April, when the BTC investment vehicles posted total net outflows exceeding $1.2 billion between April 24 and the beginning of May.

Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap told Cointelegraph that while “the bleed continues” across the wider crypto market — he expects the price of Bitcoin to fall to its “key support” level at around $57,000 in the coming weeks amid Mt. Gox creditor repayments.

“BTC and ETH are actually holding up surprisingly well given the rest of the market, with key support at 63,000 and 3,400 respectively, and still clearly within the price range over the past few months,” de Wet said.

Related:Over $122M Bitcoin longs liquidated as BTC falls below $61K

Numerous market commentators have shared concerns of significant downward pressure to come. This has come from Bitcoin sales from the German government and nearly $9 billion in BTC Mt. Gox creditor repayments expected to hit the market in July.

de Wet said that while it’s likely Bitcoin and other cryptocurrencies fall further in the coming week due to sell pressure from Mt. Gox creditor repayments he maintains a bullish outlook for the long term.“Medium to long-term we are constructive given the ETH ETF launch expected easing bias toward the end of 2024 [...] before actual easing in 2025.”

However, several analysts say that the impact of the Mt. Gox creditor repayments may not be nearly as bad as anticipated.

eToro market analyst Farhan Badami told Cointelegraph that Bitcoin can be considered “forward-looking” and often prices in significant market events.

Badami said he expects the price of Bitcoin to stabilize over the coming weeks and continue to rally back to new all-time highs in the next few months.“Within the next few weeks, it"s possible we will be range-bound between $60-70K USD.”

X Hall of Flame:Ethereum’s recent pullback could be a gift — Dynamo DeFi# Bitcoin# Business# Adoption# Bitcoin ETF# BlackRock# ETFAdd reaction