Last week was tough for Bitcoin ETFs, with daily outflows signaling a possible shift in sentiment among institutional investors. This has impacted Bitcoin’s price, which fell to $61,370 during the week.
Sustained Outflows
Earlier this year, investor interest in Bitcoin ETFs soared, pushing Bitcoin’s price to an all-time high. However, these ETFs have now set a record of five consecutive days of outflows.
Grayscale’s GBTC, the largest Bitcoin fund, saw a record outflow of $642.5 million on Monday. Other ETFs like BlackRock (IBIT) and Fidelity (FBTC) also experienced weak inflows.
Can Bitcoin Recover?
The big question is whether Bitcoin can recover and reach its recent high of $73,000. Continued outflows from ETFs could further weigh on the price.
However, trading volume remains significant, suggesting that the weak inflows are not due to low activity.
The coming days will be crucial in determining Bitcoin’s next move. Despite the recent struggles, Bitcoin still has potential to rebound, especially with the upcoming Bitcoin halving event.
