- US spot Bitcoin ETFs saw $1.298 billion outflows in two weeks.
- Bitcoin’s price dropped 11.6% from $69,476 to $61,162 amid continued outflows.
- Market experts predict further Bitcoin price corrections.
U.S. spot Bitcoin Exchange-Traded Funds (ETFs) have experienced outflows totaling $1.298 billion over the past two weeks, coinciding with a decline in Bitcoin’s price, according to data from Farside investors.
Grayscale’s GBTC leads the standings with a total outflow of $642.5 million in the same timeframe. Meanwhile, BlackRock’s IBIT Bitcoin ETF emerged as the only fund to post a net inflow of $43.1 million. Bitcoin’s (BTC) price fell by 11.6% during the same period, dropping from $69,476 on June 10 to $61,162 as of press time, per CoinMarketCap data.
Since April, Bitcoin ETFs have seen increased outflows, with the Bitcoin investment vehicles recording outflows exceeding $1.2 billion between April 24 and the start of May.
Jonathan de Wet, Chief Investment Officer of crypto trading firm ZeroCap, expects Bitcoin’s price correction to reach its “key support” level of $57,000 amid continued outflows and Mt. Gox creditor repayments. De Wet added:
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