Consecutive Outflows
Spot Bitcoin ETFs have experienced a concerning trend, with outflows for seven consecutive days. These outflows have totaled around $1.2 billion.
Previous Outflows
In April-May 2024, Spot Bitcoin ETFs also faced a seven-day outflow period, even more significant than the current one. The largest single-day outflow occurred on May 1, with a loss of $563.7 million.
Historical Insights
After the previous outflow period, the funds saw a two-day inflow before further outflows. However, this was followed by a 19-day inflow period, setting a new record.
Possible Turnaround
If history repeats itself, Spot Bitcoin ETFs could experience a turnaround soon, especially with the recent recovery in Bitcoin’s price. A repeat of the May trend could lead to substantial inflows.
Bitcoin Price Analysis
Despite recent declines, Bitcoin’s price remains above its 200-day moving average. However, on shorter timeframes, it has fallen below key moving averages.
Recent Recovery
On the daily chart, Bitcoin is showing signs of recovery. Trading volume has increased by 35%, and the price has rebounded above the $61,000 resistance level.
