Spot Bitcoin ETFs Face Continuous Outflows for a Week

Summary:
Spot Bitcoin ETFs have experienced consistent outflows for the past seven days, with an average daily outflow of around $100 million, totaling approximately $1.2 billion. This trend is similar to a previous occurrence in April-May 2024, when outflows persisted for seven days but were followed by a series of significant inflows. The outflow trend appears to be linked to institutional and miner sell-offs, coinciding with a decline in Bitcoin’s price. Despite the recent drop to $60,000, Bitcoin remains above its 200-day moving average, indicating long-term bullishness. Short-term performance, however, is weak, with Bitcoin trading below its 50-day and 100-day moving averages. On a daily basis, the price has shown some recovery, climbing above the $61,000 resistance with a 35% increase in trading volume.