🌎 Bitcoin ETFs Outflow $223M, Price Drops to $69,000

Bitcoin ETFs experienced a net outflow of $223 million on Monday following four consecutive days of net inflow. This marked the most significant outflow for Bitcoin ETFs in over two weeks. Last week, BTC ETFs saw four days of consecutive inflows totaling nearly $570 million, leading to Bitcoin’s price reaching $72,000. However, Monday’s outflow caused BTC’s daily trading volume to decrease by 6%, resulting in the price retracing to $69,000.

Bitwise’s ETF witnessed the most significant single-day net inflow at $40.3 million. On the other hand, Grayscale’s ETF, GBTC, saw a withdrawal of nearly $303 million.

Since the SEC approved ETFs in January, Bitcoin’s market movements have primarily influenced the net asset inflow into these instruments. Institutional funds are expected to continue playing a significant role in the token’s market performance, with the London Stock Exchange gearing up to launch Bitcoin ETNs next month.

As the halving event approaches, analysts are divided on the short-term performance of the BTC market. Industry experts such as Anthony Scaramucci and Mark Palmer believe that the market is in an early bullish cycle, projecting the largest cryptocurrency to surpass $150,000 post-halving.

However, not all investors share the same optimism. A recent survey released by Deutsche Bank revealed that 30% of its investors anticipate Bitcoin’s price dipping below $20,000 by the end of the year.

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