US Bitcoin ETF outflow reaches US$545 million. Is BTC about to fall to US$60,000?

This week, Bitcoin prices continued to struggle, and U.S. spot Bitcoin ETFs saw significant outflows. According to Farside Investors, these ETFs faced a total of $545 million in outflows this week, raising concerns about Bitcoin's near-term performance. In addition, it is worth noting that due to the stock market being closed on June 19 for the Juneteenth holiday, U.S. spot Bitcoin ETFs recorded outflows in just four trading days this week.

US spot Bitcoin ETF records $545 million in outflows

The latest data from Farside Investors shows that the outflow of funds from US spot Bitcoin ETFs this week reached $545 million, reflecting the growing caution of investors. It is worth noting that although the price of Bitcoin has briefly rebounded in the past 24 hours, it is still in the red.

Meanwhile, outflows highlighted the general bearish sentiment in the market. Notably, due to the Juneteenth holiday, outflows occurred over four trading days, with the lowest single-day outflow being $105.9 million on Friday, June 21.

Source: Farside Investors

On June 21, Fidelity’s FBTC had the highest outflow of $44.8 million. It was followed by Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB), with outflows of $34.2 million and $28.8 million, respectively. These figures highlight the general trend of declining investor confidence in multiple major ETFs.

Meanwhile, a large amount of funds have been withdrawn from Bitcoin ETFs, raising alarm among market analysts and investors. The outflows come as Bitcoin's trading volume and price have shown signs of weakness, adding to uncertainty about the short-term outlook for the cryptocurrency. As investor sentiment falters, the market's reaction to these outflows could be a precursor to further price declines.

Market Analysts Expect Bitcoin to Fall to $60,000

The massive outflow of funds from Bitcoin ETFs, coupled with the sluggish Bitcoin trading activity, has sparked widespread speculation that Bitcoin prices may fall. Notably, well-known cryptocurrency analyst Rekt Capital warned that Bitcoin could fall further in the coming days. He said that although Bitcoin may face additional downward pressure in June, this decline may be followed by a recovery and subsequent rebound.

On the other hand, Ali Martinez, another well-known market analyst, found that investor interest in Bitcoin price has declined significantly recently. This waning interest could further increase downward pressure on Bitcoin price, pushing it towards the $60,000 mark.

Large ETF outflows and lackluster market performance have heightened concerns among Bitcoin investors. Although the market may experience a temporary drop, some analysts remain optimistic about Bitcoin’s long-term potential, predicting that Bitcoin will recover and continue to rise after this period of volatility.

As of writing, Bitcoin price is down 0.3% and trading above $64,300. In the past 24 hours, the flagship cryptocurrency hit a low of $63,378.89, and its daily trading volume fell 7% to $24.13 billion. However, in four hours, BTC futures open interest rose 0.43% to $5.5 billion, indicating that investors may be regaining confidence in cryptocurrencies.

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