Bitcoin ETF

Bitcoin

April

The price of Bitcoin has experienced a substantial decline in the past two weeks, which has coincided with an astounding $1.3 billion in outflows from U.S. spot Bitcoin exchange-traded funds (ETFs). This wave of outflows is the most severe since April, when Bitcoin ETFs recorded net outflows exceeding $1.2 billion between April 24 and early May.&nbsp;
<h2 id="span-style-font-weight-400-1-3b-in-etf-outflows-span">$1.3B in ETF Outflows</h2>
<a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">Data</a> from Farside Investors highlights that these <a href="https://thecoinrise.com/bitcoin-faces-turbulence-as-etf-outflows-continue-to-rise/" rel="noopener noreferrer nofollow">ETFs recorded a total net outflow</a> of $174.5 million on June 24. Moreover, in the past two weeks, this number has reached $1.298 billion, with Grayscale leading the exodus at $517.3 million. However, BlackRock’s Bitcoin ETF is the sole fund to experience positive inflows, amassing $43.1 million during the same period.
Furthermore, CoinMarketCap data <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">indicates</a> that Bitcoin’s price has experienced an 11.6% decline, from $69,476 on June 10 to around $61,250 at the time of publication.
<h2 id="span-style-font-weight-400-concerns-due-to-mt-gox-repayment-span">Concerns Due to Mt. Gox Repayment</h2>
Several commentators have issued warnings of substantial downward pressure, which has maintained the cautious market sentiment. This perspective is influenced by the German government’s anticipated Bitcoin sales and the nearly $9 billion in BTC repayments that are <a href="https://thecoinrise.com/mt-gox-to-begin-9b-repayment-in-bitcoin-and-bch-starting-july/" rel="noopener noreferrer nofollow">expected</a><a href="https://thecoinrise.com/mt-gox-to-begin-9b-repayment-in-bitcoin-and-bch-starting-july/" rel="noopener noreferrer nofollow"> from Mt. Gox creditors in July</a>.&nbsp;
Jonathan de Wet, the chief investment officer at ZeroCap, a digital asset trading firm, expressed worry regarding the ongoing obstacles in the broader crypto market. The price of Bitcoin is expected to continue to decline in the coming weeks, reaching its critical support level of approximately $57,000, according to De Wet.
<h2 id="span-style-font-weight-400-long-term-optimism-span">Long-Term Optimism</h2>
de Wet maintains a long-term bullish perspective on Bitcoin and other cryptocurrencies, despite these short-term adverse signals. He believes that the launch of the ETH ETF and a potential easing bias towards the end of 2024 could positively impact the market, with actual easing expected in 2025.
Conversely, some analysts, like eToro’s market analyst Farhan Badami, argue that the impact of the Mt. Gox creditor repayments may not be as severe as feared. Badami predicts that Bitcoin’s price could stabilize in the coming weeks and potentially rally back to new all-time highs within the next few months.
While the recent outflows from <a href="https://thecoinrise.com/bitcoin-etfs-see-significant-inflows-amid-economic-uncertainty/" rel="noopener noreferrer nofollow">Bitcoin ETFs and the subsequent price decline</a> have raised concerns, the resilience of the cryptocurrency provides a glimmer of hope for investors.
The post <a href="https://thecoinrise.com/bitcoin-etf-outflows-at-their-lowest-levels-since-april/" rel="noopener noreferrer nofollow">Bitcoin ETF Outflows at Their Lowest Levels Since April</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin ETF Outflows at Their Lowest Levels Since April

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