US spot Bitcoin ETFs have seen a cumulative net outflow of $1.298 billion in the past two trading weeks

Data from Farside Investors shows that in the past two trading weeks, the total net outflow of the US spot Bitcoin ETF reached 1.298 billion US dollars, with Grayscale having the most net outflow during the same period, reaching 517.3 million US dollars. IBIT is the only ETF with net inflows, with a net inflow of 43.1 million US dollars in the past two weeks.

Jonathan de Wet, Chief Investment Officer of digital asset trading company ZeroCap, said that although the entire cryptocurrency market continues to decline, it is expected that the price of Bitcoin will fall to a key support level of about 57,000 US dollars in the next few weeks. Jonathan de Wet stated that although Bitcoin and other cryptocurrencies may further decline in the next week due to the selling pressure caused by Mt.Gox's creditor repayment, he remains optimistic about the long-term prospects.