American Bitcoin ETFs have experienced several tough days with decreasing investor interest. Registered outflows of $152.42 million on Tuesday, the fourth consecutive day of net outflows. Leading the outflows was Fidelity’s FBTC, which saw outflows of $83 million. Additionally, Grayscale’s GBTC and Bitwise’s BITB also saw significant outflows of $62 million and $7 million respectively.
However, the remaining eight ETFs in this category seem to have not registered major changes in their financial activities. These 11 spot Bitcoin ETFs still report net inflows of $14.81 billion, which is still a noticeable decrease from the $15.69 billion reported on June 7.
Surprisingly, while the excitement surrounding crypto ETFs seems to be fading, the total trading volume with them reached $1.7 billion on Tuesday compared to just $1.24 billion on Monday. At the same time, over the past twenty-four hours, the price of Bitcoin has not seen significant movements, trading at $65,250. Additionally, according to CryptoQuant analysts, things may soon turn downward for the world’s largest cryptocurrency as it has broken below a significant support level.
It is rumored that Bitcoin may undergo a correction of 8%-12% in the short term, with forecasts indicating it could drop to around $60,000 per coin. Of course, such forecasts should not be taken as certain, as cryptocurrencies are highly volatile assets.
But one thing is clear: the recent outflows from spot Bitcoin ETFs in the US show how fickle investor sentiment can be in the world of cryptocurrencies. As the market continues to change and evolve, it will be interesting to see how these investment platforms adapt and whether they can regain investor trust in the long run.