In the past two weeks, Bitcoin exchange-traded funds (ETFs) in the United States have experienced substantial outflows, totaling $1.3 billion. This comes as Bitcoin's price has declined significantly, dropping 11.6% from $69,476 to $61,359.
Data from Farside Investors highlights that Grayscale led the outflows with $517.3 million. Despite the broader trend, BlackRock’s Bitcoin ETF saw a positive influx, garnering $43.1 million during the same period.
This wave of outflows marks the most significant since April, where net outflows exceeded $1.2 billion. Jonathan de Wet, Chief Investment Officer at ZeroCap, anticipates Bitcoin's price may drop to around $57,000 due to upcoming Mt. Gox creditor repayments. However, de Wet maintains a bullish long-term outlook, expecting a market recovery towards the end of 2024.
eToro market analyst Farhan Badami suggests that Bitcoin often prices in significant market events in advance. Badami forecasts that Bitcoin will stabilize in the coming weeks, potentially ranging between $60,000 and $70,000 before rallying to new highs.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
