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    Home » 545 million withdrawn from Bitcoin ETFs How far can the price drop
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    545 million withdrawn from Bitcoin ETFs How far can the price drop

    By adminJun. 22, 2024No Comments2 Mins Read
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    545 million withdrawn from Bitcoin ETFs How far can the price drop
    545 million withdrawn from Bitcoin ETFs How far can the price drop
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    The latest data from Farside shows that the US Bitcoin ETF has seen outflows of $54.5 billion this week, indicating a growing caution among investors.

    These outflows occurred over the past week, with June 19 being a holiday in America, and the lowest single-day outflow being recorded on Friday, June 21 ($105.9 million).

    The leading outflows on Friday came from Fidelity’s FBTC, which saw $44.8 million flowing out, followed by Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB) with outflows of $34.2 million and $28.8 million respectively.

    The significant outflows from the Bitcoin ETF, combined with weak trading activity, have led to speculation of a possible price decline.

    Renowned crypto analyst Ali Martinez noted that Bitcoin has fallen below the +0.5σ MVRV price range at $67,890, which could trigger a correction to $54,930.

    MVRV is an indicator that reflects the ratio between the market value and the realized value of an asset, showing that correlation over time.

    The combination of significant outflows from the ETFs and weak market performance has heightened concerns among investors. Although the market may experience a temporary decline, some analysts remain optimistic about the long-term potential of Bitcoin, expecting a recovery and continued rally after this period of instability.

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