$545M Has Exited Bitcoin ETFs: How Far Can The Price Go?
The latest data from Farside shows that US spot Bitcoin ETFs saw an outflow of $545 million this week, indicating growing investor caution.
These outflows highlight the prevailing bearish sentiment in the market.
Withdrawals occurred over the past week, with June 19 being a holiday in America, and the lowest one-day outflow was recorded on Friday, June 21 ($105.9 million).
Leading the outflows on Friday was Fidelity's FBTC with $44.8 million outflows, followed by Grayscale's GBTC and ARK 21Shares Bitcoin ETF ( ARKB ) with outflows of $34.2 million and $28.8 million respectively.
BTC potential drop to below $60,000
The significant outflows from Bitcoin ETFs combined with weak trading activity have led to speculation of a possible price drop.
Noted crypto analyst Ali Martinez noted that Bitcoin has broken below the +0.5σ MVRV price range at $67,890, which could trigger a correction to $54,930.
# Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com/zZvswgpUpS
— Ali (@ali_charts) June 19, 2024
MVRV is an indicator that reports the ratio between the market value and the realized value of an asset, showing this correlation over time.
The combination of significant outflows from ETFs and weak market performance has fueled concerns among investors. Although the market may experience a temporary dip, some analysts remain optimistic about Bitcoin's long-term potential, expecting a recovery and continued rally after this period of volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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