Bitcoin ETF Outflows Surge, Impacting Price Momentum
- Investors withdrew $635 million from U.S.-listed spot bitcoin ETFs on Wednesday, marking the highest single-day net outflow since January.
- Over the last five trading days, these ETFs experienced total outflows of $1.26 billion.
- Total net inflows since their debut in January have decreased from $59.76 billion to $58.5 billion.
- Bitcoin’s price has declined over 2% in the past day, currently sitting at $79,400 after reaching above $80,000 recently.
- The correlation between daily BTC price changes and ETF inflows has weakened significantly, with a Pearson coefficient of just 0.16.
The recent outflow from bitcoin ETFs coincides with rising inflation concerns in the U.S., which may be affecting market sentiment despite equity indices like Nasdaq and S&P hitting new highs.
With a significant withdrawal of $635 million impacting the overall trend, bitcoin’s momentum appears to be stalling as it grapples with macroeconomic pressures.(Source)
