Bitcoin

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This week has been difficult for Bitcoin, with substantial outflows from the U.S. Spot Bitcoin ETFs prompting concerns about the cryptocurrency’s short-term performance. Farside Investors <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">data</a> shows a cumulative outflow of $545 million from these ETFs, indicating increased investor caution and unfavorable market sentiment.
<h2 id="span-style-font-weight-400-etf-outflows-highlight-market-uncertainty-span">ETF outflows highlight market uncertainty.</h2>
The <a href="https://thecoinrise.com/bitcoin-etfs-see-significant-inflows-amid-economic-uncertainty/" rel="noopener noreferrer nofollow">$545 million outflow from US Spot Bitcoin ETFs</a> in just four trading days reflects the market’s current volatility. This period of substantial withdrawals was shortened because to the Juneteenth holiday, which closed the stock market on June 19. Despite a short comeback in the last 24 hours, Bitcoin’s price has stayed in the negative.
On June 21, the outflows totaled $105.9 million, with Fidelity’s FBTC leading the way with an evacuation of $44.8 million. Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB) both saw outflows of $34.2 million and $28.8 million, respectively. These numbers reflect a larger trend of falling investor confidence in major ETFs.
<h3 id="span-style-font-weight-400-withdrawal-of-funds-from-bitcoin-etfs-span">Withdrawal of Funds from Bitcoin ETFs</h3>
Market analysts and investors have seen the significant withdrawal of funds from Bitcoin ETFs. The outflows have corresponded with low trade volumes and price performance, raising <a href="https://thecoinrise.com/microstrategy-upsizes-convertible-note-offering-to-700m-to-fund-bitcoin-purchases/" rel="noopener noreferrer nofollow">concerns about Bitcoin’s short-term prospects</a>. Market reactions to these outflows may suggest more price drops, as investor mood remains fragile.
Renowned crypto analyst Rekt Capital has cautioned that <a href="https://thecoinrise.com/dormant-bitcoin-whale-moves-536-5m-after-five-and-a-half-years/" rel="noopener noreferrer nofollow">Bitcoin may suffer further downward pressure</a> in the coming days. While he expects a price drop in June, he also predicts a recovery and following surge. His findings reflect a cautious optimism among some market observers who trust in Bitcoin’s long-term potential despite its current volatility.
<h2 id="span-style-font-weight-400-investor-interest-is-declining-span">Investor Interest is Declining</h2>
Ali Martinez, another well-known market expert, has noticed a significant drop in investor interest in Bitcoin. This declining interest may put additional downward pressure on Bitcoin’s price, potentially driving it to $60,000 or lower. Martinez’s insights emphasize the difficulties Bitcoin faces in recovering investor confidence under present market conditions.
<h3 id="span-style-font-weight-400-current-bitcoin-performance-span">Current Bitcoin Performance</h3>
Bitcoin is <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">currently</a> trading at more than $64,300, down 0.3% as of this writing. In the previous 24 hours, the flagship cryptocurrency has reached a low of $63,378.89, with its one-day trading volume plummeting by 7% to $24.13 billion. However, there is a ray of optimism as BTC Futures Open Interest in the four-hour time period increased by 0.43% to $5.50 billion, implying that some investors may be restoring faith in the cryptocurrency market.
The post <a href="https://thecoinrise.com/bitcoin-faces-turbulence-as-etf-outflows-continue-to-rise/" rel="noopener noreferrer nofollow">Bitcoin Faces Turbulence As ETF Outflows Continue to Rise</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin Faces Turbulence As ETF Outflows Continue to Rise

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