Investors withdrawing $139 million from Bitcoin ETFs, leading to 2.8% price drop

From Investing.com: 2024-06-21 09:30:24

The spot ETF ecosystem sees a bearish trend as Wall Street withdraws from Bitcoin ETFs, leading to a drop in BTC price. $139.98 million left spot Bitcoin ETFs on June 20, with Grayscale’s GBTC losing $53 million and Fidelity losing $51 million. Bitwise, VanEck, and Invesco also saw outflows.

BlackRock’s iShares Bitcoin Trust saw a net inflow of $1 million, breaking the trend of outflows in Bitcoin ETFs. Despite overall outflows of $900 million in the past week, there has been an uptick in trading volume for these products. BTC price dropped by 2.8% to $63,784.68, but trading volume increased significantly.

The bearish Bitcoin ETF trends have impacted BTC’s performance, with a 2.8% price drop in the past 24 hours. However, trading volume has increased by 33.93%, indicating some confidence in the market. With hopes for a rebound in the Bitcoin ETF market, the price of BTC may change its trend in the short term.

Read more at Investing.com: Bitcoin ETF Capital Drain Deepens With $139 Million Outflow By U.Today