US Bitcoin ETFs Witness 4th Day of Outflows Of $152M, Fidelity & Grayscale Leading 

US Bitcoin ETFs Witness 4th Day of Outflows Of $152M, Fidelity & Grayscale Leading 

The post US Bitcoin ETFs Witness 4th Day of Outflows Of $152M, Fidelity & Grayscale Leading  appeared first on Coinpedia Fintech News

Wu Blockchain, a blockchain analytical firm, has revealed significant outflows from US Bitcoin spot ETFs. On June 18 alone, the total net outflow amounted to $152 million, with Fidelity’s (FBTC) & Grayscale’s (GBTC) highlights among the other 11 ETFs. This marks the fourth consecutive day in which the crypto products recorded massive outflows in the US.

These figures show a huge change in investor sentiment towards Bitcoin ETFs, raising questions about the factors driving these outflows and their potential impact on the crypto market.

Outflows Hit US Bitcoin Spot ETFs:

According to a tweet by Wu Blockchain, US Bitcoin spot ETFs experienced a significant outflow of funds on June 18, totaling $152 million, marking a substantial movement of funds away from this investment product. Leading this outflow is Fidelity’s FBTC, which recorded the largest outflow of $83 million among the 11 ETFs.

Following closely is Grayscale’s ETF (GBTC), with a net outflow of $62.3397 million in a single day. The report also notes that the historical net outflow of GBTC has reached $18.273 billion, indicating an ongoing divestment trend from the Grayscale Bitcoin Trust.

Despite these outflows, the total net asset value of Bitcoin spot ETFs remains substantial, standing at $56.056 billion.

BTC Miners Stopped Mining 

As the price of bitcoin continues to fall from $70K and now settles around $65,153, concerns arise in the crypto space about its price movement. Taking on to X, Bitcoin analyst Willy Woo explained why we haven’t seen a big price jump yet. He says it’s because some miners stopped mining, which means fewer people are trading Bitcoin.

Furthermore, Woo talked about how many people are betting on Bitcoin’s price using paper, not actual coins. Using a z-score oscillator represented by a solid yellow chart, he gauges the significance of this trend locally. 

According to Woo, more liquidations are needed before bullish momentum can take hold. Woo’s outlook suggests that Bitcoin might not reach new highs until more people start trading it.