Bitcoin ETFs shed $1.3B over 2 weeks amid market slump

Outflows from United States spot Bitcoin exchange-traded funds (ETFs) reached $1.3 billion over the last two weeks as the price of Bitcoin continues to decline. 

According to data from Farside Investors, the total outflow for Bitcoin ETFs notched $1.298 billion over the last two trading weeks with Grayscale leading outflows at $517.3 million in the same period.

Notably, BlackRock’s Bitcoin ETF has been the only fund to post positive results, raking in $43.1 million worth of inflows over the last two weeks. 

In the same timeframe, the price of Bitcoin BTCUSD has slumped 11.6%, falling from $69,476 on June 10 to $61,359 at the time of publication, per TradingView data.

The recent spate of outflows across the spot Bitcoin ETFs have been the worst since April, when the BTC investment vehicles posted total net outflows exceeding $1.2 billion between April 24 and the beginning of May.

Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap told Cointelegraph that while “the bleed continues” across the wider crypto market — he expects the price of Bitcoin to fall to its “key support” level at around $57,000 in the coming weeks amid Mt. Gox creditor repayments.

“BTC and ETH are actually holding up surprisingly well given the rest of the market, with key support at 63,000 and 3,400 respectively, and still clearly within the price range over the past few months,” de Wet said.

Numerous market commentators have shared concerns of significant downward pressure to come. This has come from Bitcoin sales from the German government and nearly $9 billion in BTC Mt. Gox creditor repayments expected to hit the market in July.

de Wet said that while it’s likely Bitcoin and other cryptocurrencies fall further in the coming week due to sell pressure from Mt. Gox creditor repayments he maintains a bullish outlook for the long term.

However, several analysts say that the impact of the Mt. Gox creditor repayments may not be nearly as bad as anticipated.

eToro market analyst Farhan Badami told Cointelegraph that Bitcoin can be considered “forward-looking” and often prices in significant market events.

Badami said he expects the price of Bitcoin to stabilize over the coming weeks and continue to rally back to new all-time highs in the next few months.

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