Bitcoin ETFs in the United States have experienced outflows of $1.3 billion over the last two weeks, coinciding with a decrease in Bitcoin’s price. Farside Investors data shows that Bitcoin ETFs saw a total outflow of $1.298 billion in the last two trading weeks, with Grayscale leading the outflows at $517.3 million. The only fund to see positive results was BlackRock’s Bitcoin ETF, which gained $43.1 million in inflows during the same period.
The price of Bitcoin has dropped by 11.6% in the same timeframe, falling from $69,476 on June 10 to $61,359. This recent outflow of Bitcoin ETFs is the most significant since April, when the total net outflows exceeded $1.2 billion between April 24 and the beginning of May.
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, predicts that Bitcoin’s price will fall to its “key support” level at around $57,000 in the coming weeks due to Mt. Gox creditor repayments. He also mentioned that while the market is experiencing a downturn, both Bitcoin and Ethereum are holding up relatively well, with key support at $63,000 and $3,400, respectively.
Market commentators have expressed concerns about significant downward pressure in the market, particularly due to Bitcoin sales from the German government and nearly $9 billion in BTC Mt. Gox creditor repayments expected to hit the market in July. However, de Wet maintains a bullish outlook for the long term, while eToro market analyst Farhan Badami believes that Bitcoin prices will stabilize in the coming weeks and rally back to new all-time highs in the next few months.
Amidst these market shifts, Ethereum’s recent pullback is being seen as an opportunity within the decentralized finance (DeFi) community.