Bitcoin ETFs experienced a significant net outflow of $223 million on Monday, marking a reversal after four consecutive days of net inflows.
Data from SoSo Value indicates that Monday witnessed the most substantial outflow for Bitcoin ETFs in over two weeks. Despite four days of consecutive inflows totaling nearly $570 million last week, Monday’s outflow led to a decline in Bitcoin’s daily trading volume by 6%, prompting a retracement to $69,000 from its recent high of $72,000.
Among the Bitcoin ETFs, Bitwise’s ETF observed the most substantial single-day net inflow, amounting to $40.3 million. Conversely, Grayscale’s ETF, GBTC, saw a significant outflow, with nearly $303 million withdrawn.
Since the SEC approved ETFs in January, movements in Bitcoin’s market have been closely tied to the net asset inflow into these instruments. Institutional funds are expected to continue playing a significant role in driving the token’s market performance, especially as the London Stock Exchange prepares to launch Bitcoin ETNs next month.
As the Bitcoin halving approaches, analysts hold differing views on the short-term performance of the BTC market. Industry figures like Anthony Scaramucci and Mark Plamer remain optimistic, suggesting that the market is in an early bullish cycle set to continue post-halving, potentially propelling the largest cryptocurrency to over $150,000.
However, not all investors share this sentiment. A recent survey released by Deutsche Bank revealed that 30% of its investors anticipate Bitcoin’s price dipping below $20,000 by the end of this year.
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