Outflows from U.S. Bitcoin exchange-traded funds (ETFs) reached $1.3 billion over the past two weeks as the price of Bitcoin continues to decline.
According to data from Farside Investors, total Bitcoin ETF outflows reached $1.298 billion over the past two trading weeks, with Grayscale leading inflows at $517.3 million over the same period.
Notably, BlackRock’s Bitcoin ETF was the only fund to perform positively, receiving $43.1 million in inflows over the past two weeks.
In the same time frame, the price of Bitcoin (BTC) fell 11.6%, from $69,476 on June 10 to $61,359 at press time, according to TradingView data.
The recent wave of outflows via spot Bitcoin ETFs was the worst since April, when Bitcoin investment vehicles saw total net outflows of more than $1.2 billion between April 24 and early May.
Jonathan de Wit, chief investment officer of digital asset trading firm ZeroCap, told Cointelegraph that while “hemorrhaging continues” in the broader cryptocurrency market, he expects the Bitcoin price falls to “key support” at around $57,000 in the coming weeks. In the midst of paying off Mt.Gox creditors.
“Bitcoin and Ethereum are holding up surprisingly well considering the rest of the market, with key supports at 63,000 and 3,400 respectively, and clearly still range-bound over the past few months,” De Wit said.
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Many market commentators have expressed concerns about significant downward pressure ahead. This comes from the German government’s Bitcoin sales and nearly $9 billion in payments to Bitcoin creditors from Mount Gox, which are expected to hit the market in July.
De Wet said that although Bitcoin and other cryptocurrencies are expected to fall further next week due to selling pressure from Mt.Gox’s repayment of creditors, he maintains a bullish long-term outlook.
“We are constructive in the medium and long term given the easing bias expected from the launch of the ETH ETF at the end of 2024 (…) before an effective easing in 2025.”
However, many analysts believe that the impact of repaying Mt.Gox’s creditors may not be as severe as expected.
Farhan Badami, market analyst at eToro, told Cointelegraph that Bitcoin can be considered “forward-looking” and is often factored into important market events.
Badami said he expects the price of Bitcoin to stabilize over the coming weeks and continue to reach all-time highs over the coming months.
“In the next few weeks we could be in the $60-$70,000 range.”
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