Bitcoin ETFs Experience $1.3 Billion Outflows in a 2-Week Slump

Bitcoin ETFs have witnessed outflows of $1.3 billion over the last two weeks of trading. However, analysts are optimistic about market recovery in the upcoming months.

• Outflows from United States spot Bitcoin exchange-traded funds (ETFs) reached $1.3 billion over the last two weeks amidst a price decline in Bitcoin.
• Grayscale emerged as the leader in outflows, with $517.3 million leaving the fund during the same time frame.
• BlackRock’s Bitcoin ETF was the only fund that saw positive results, garnering $43.1 million in inflows over the past two weeks.

The overall price of Bitcoin (BTC) has dropped by 11.6% in the mentioned period, falling from $69,476 on June 10 to $61,359 at the time of this report.

Market analysts anticipate Bitcoin to reach a key support level near $57,000 in the following weeks due to Mt. Gox creditor repayments. Despite short-term sell pressure concerns, experts remain bullish on Bitcoin’s long-term prospects.

• Market commentators have expressed worries about downward pressure due to significant upcoming Bitcoin sales from the German government and Mt. Gox creditor repayments totaling nearly $9 billion projected to hit the market in July.
• However, some analysts believe that the impact of the Mt. Gox repayments may not be as severe as anticipated.

“Within the next few weeks, it’s possible we will be range-bound between $60-70K USD.”