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Bitcoin Spot ETFs Outflows Continue: Grayscale, Fidelity See Significant Withdrawals

As of June 20, Bitcoin spot exchange-traded funds (ETFs) in the US experienced a significant net outflow totaling nearly $140 million, according to reports.

According to Wu Blockchain, there have been substantial outflows from Bitcoin ETFs for the fifth consecutive day. On June 20 alone, Grayscale’s GBTC ETF saw an outflow of $53.1022 million, while BlackRock’s IBIT ETF recorded an inflow of $1.4791 million.

Key players such as Fidelity and Grayscale have witnessed notable withdrawals from their Bitcoin ETFs. Fidelity’s FBTC reported a one-day net outflow of $51 million, based on data from SoSo Value. The total net asset value of Bitcoin spot ETFs stands at $56.41 billion.

As of June 19, the total net outflow from BTC spot ETFs was reported at $152 million. On the previous Wednesday, Grayscale’s GBTC ETF alone saw a net outflow of $62.3397 million in a single day.

Data from Farside underscores the extent of the recent exodus from Bitcoin ETFs since the beginning of this month.

Investor’s Confidence in Question Due to Massive Outflows

The ongoing outflows from spot Bitcoin ETFs in the US reflect investor skepticism regarding Bitcoin’s short-term price prospects. Some are redirecting their investments, possibly towards other crypto ETFs like Ethereum.

These fund movements have coincided with a recent downturn in Bitcoin’s price. Over the past 24 hours, the world’s largest cryptocurrency dropped from $66,374 to $64,552 at the time of writing, indicating a noticeable bearish trend with sustained downward pressure.

Bitcoin analyst Willy Woo provided insights into the situation, pointing out that despite the outflows, there hasn’t been a significant price surge. He attributes this to a decrease in Bitcoin mining activity, with fewer miners currently active.

“We’re seeing a rare miner capitulation in Bitcoin due to the halving event, where weaker miners are exiting and selling BTC, suppressing prices temporarily,” Woo commented. “We may need more liquidations before we see clear signs of renewed bullish activity.”

These factors illustrate the current dynamics influencing Bitcoin’s market behavior amidst recent investor actions and technical factors like mining activity.

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