The 11 spot Bitcoin ETF products experienced a record $145.87 million of net outflows on June 17. The outflows matched a drop in the price of Bitcoin to $65,558.84, down 0.46% in the last 24 hours Per to CoinMarketCap.
Spot ETF Has Continued on a Downward Trajectory
The steady flow of funds into U.S. spot Bitcoin ETFs was disrupted last week. This shift was influenced by the conflicting U.S. non-farm payroll and unemployment data, leading investors to feel uncertain about the US economic standing and pulled back from riskier assets.
Sosovalue analyzed that on Monday, Fidelity’s FBTC led the outflows, dropping $92 million. The investment product which typically has significant inflows, had now experienced an outflow of about $140 million over the past week.
Ark Invest and 21Shares’ ARKB followed with net outflows of $50 million. Grayscale’s GBTC and VanEck’s HODL also had negative flows of around $4 million each.
Bitwise’s BITB was the only product with minimal net inflows of $3 million. BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, recorded no flows yesterday. These outflows brought the total cumulative net inflows of spot Bitcoin ETFs down to $14.96 billion per the SoSoValue data.
Bitcoin ETF Influence on Bitcoin Price
Bitcoin’s price has continued to record a slump since the Spot ETF started recording a substantial amount of outflows. These outflows have reduced investors’ confidence in the digital asset potentially leading to a downward pressure on the price.
As such, the activity in Bitcoin ETFs has a notable influence on the overall market. This is evidently shown as the Bitcoin ETFs worldwide are rapidly acquiring BTC, with more than 1 million units purchased in recent times.
Regardless of this trend, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” recently shared his bullish opinion on the digital asset. He said that saying Bitcoin is too expensive is not a valid excuse for not investing in it.
Also, well-known crypto analyst Michaël van de Poppe has recently analyzed the digital asset and identified the support range for the price between $63,000 and $64,500 levels
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