Fintech
Crypto Investors Dump $152 Million From US Bitcoin ETFs in 24 Hours – What Happens Next?
In a recent disclosure by Wu Blockchain, a leading blockchain analytics firm, there has been a significant movement of funds away from the US Spot Bitcoin ETF. A staggering $152 million was withdrawn on June 18 alone, with attention focused on Fidelity’s FBTC and Grayscale’s GBTC among the top ETFs experiencing outflows.
This marks the fourth consecutive day of substantial withdrawals from these cryptocurrency investment products.
Why do people leave?
According to the latest data from Wu Blockchain, a notable outflow of $152 million occurred from US Bitcoin spot ETFs on June 18, underscoring a notable shift in investor sentiment. Leading the retreat was Fidelity’s FBTC, with the largest single-day outflow of $83 million among the 11 ETFs tracked.
Grayscale’s GBTC followed closely, with a significant net outflow of $62.3397 million. In particular, historical data shows GBTC witnessed total outflows of $18.273 billion, highlighting a sustained trend of disinvestment from the Grayscale Bitcoin Trust.
Despite these withdrawals, the collective net asset value of Bitcoin spot ETFs remains robust at $56.056 billion
Impact on the cryptocurrency market
As the price of bitcoin continues to fall from $70,000 and now stands around $65,153, concerns are arising in the crypto space regarding its price movement. Moving on to X, Bitcoin analyst Willy Woo explained why we haven’t seen a big price increase yet. He says that’s because some miners have stopped mining, meaning fewer people are trading Bitcoin.
Additionally, Woo talked about how many people gamble The price of Bitcoin using paper, not real coins. Using a z-score oscillator represented by a solid yellow graph, measure the significance of this trend at a local level.
Woo’s analysis suggests that for Bitcoin to regain bullish momentum and potentially reach new highs, more liquidations and increased trading activity are needed. Until these conditions are met, the prospects for substantial price increases remain cautious.
Read also: A crypto analyst predicts that Ethereum’s dominance will surpass 20% by the end of the year
Is this a buying opportunity or a signal to stay away? We want to hear from you!