- BTC ETFs face $1.2 billion in outflows over eight days, indicating a shift in investor sentiment and potential market consolidation.
- The correlation between Bitcoin’s price and ETF fund flows reveals a break from the upward move.
- Recent continuous outflows have disrupted the BTC ETF market, signaling a deviation from expected growth and reflecting a cautious investor outlook.
Bitcoin exchange traded funds are recording a notable decline in cumulative fund flows, dropping below a trend that began in March. This downward movement is marked by eight consecutive days of outflows, amounting to $1.2 billion.
Eight Days of Continuous Outflows
The BTC ETF market, which had been on a upward trend since March, has encountered a movement. Over the past eight days, the market has seen continuous outflows totaling $1.2 billion, signaling a possible change in investors.
These outflows have brought the cumulative fund flows below the levels set earlier in the year, indicating a break in the positive momentum that had represented the market for months.
Timothy Peterson noted in X Space’s account that Bitcoin’s price and ETF fund flows have shown a strong correlation, with both rising until April 2024. However, recent trends reveal a decline in ETF fund flows, falling below the long-term upward trendline.
The recent outflows totaling $1.2 billion over eight consecutive days indicate possible reduced confidence in Bitcoin ETFs, highlighting a deviation from expected growth and signaling a period of market consolidation.
Bitcoin Market Price
During the hour of writing, Bitcoin price traded at $55,516.87, with a 3.14% increase in the last 24 hours. The market cap has risen by 3.16% to over $1.096 trillion while Trading volume has surged by 66.22%, reaching $27.3 billion.
The circulating supply stands at approximately 19.75 million BTC, 94.06% of its total supply of21 million BTC. The fully diluted market cap is valued at $1.163 trillion. Over the last 24 hours, Bitcoin’s price has shown upward momentum, with notable resistance around the $55,000 mark, and has fluctuated within a range of $53.83K to $55.52K. The volume-to-market cap ratio is at 2.50%.
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