The spot exchange-traded funds tracking the world’s largest cryptocurrency are typically a solid sign of how the underlying asset’s price performs, unlike some of the altcoins.
As such, it’s perhaps no surprise that, in the past week, in which BTC plummeted to a 19-month low, they experienced massive net outflows. The worst on record.
Bitcoin ETFs Bled Out Heavily
Data from SoSoValue paints a clear and painful picture. The Bitcoin ETFs have been deep in the red for four consecutive weeks, all into the billions. What’s even worse is that the net withdrawals have progressively accelerated. They peaked in the last trading week, with $1.72 billion taken out of the financial vehicles. As the article’s title suggests, this was the worst trading week in their 2.5-year history.
The cumulative total net inflows have plunged hard in this four-week period, going from $59.34 billion to $53.94 billion. The current negative streak is even worse than that after the early October crash, when over-leveraged traders were wiped out for over $19 billion in a single day, and the entire market sentiment plummeted into obscurity.
If we break down the past week (or even a few weeks) into daily performance, the violent picture crystallizes even further. Aside from June 4, when the net inflows were dominant with a very modest $3.05 million, the other four days were deep in the red, with June 2 seeing the most withdrawals at $519 million.
From May 15 to June 5, only the aforementioned $3.05 million in net inflows were in the green; the rest were withdrawals.
BTC Price Sees New Lows
At the same time as investors were withdrawing funds from the ETFs en masse, the underlying asset’s price went on a violent downhill slump. It began the week (and the month) at around $73,000 before the bears quickly regained control of the market and initiated several consecutive leg downs that culminated on Friday.
After several successful attempts from the bulls to maintain the $60,000 support, including during the early February crash, this level finally gave in two days ago. Bitcoin dropped to $59,100 for the first time since right before the US presidential elections in late 2024.
The ETF exodus is among the main culprits behind this substantial decline, but the crash wasn’t a crypto-only event, as essentially all financial markets crumbled on Friday after the seemingly positive US jobs report.
The post Bitcoin ETFs Recorded Their Worst Week Since Inception Amid BTC’s Massive Price Slide appeared first on CryptoPotato.
It was an extremely painful week for the spot Bitcoin ETFs, as the outflows skyrocketed to new anti-record. Market Updates, social, SocialFB, Top News, Bitcoin (BTC) Price, Bitcoin ETF
This articles is written by : Nermeen Nabil Khear Abdelmalak
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