Bitcoin ETF · Bitcoin · CoinDesk
The pattern tells a bearish story and suggests the bulls may have tough time holding on to the $60,000 support
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Bitcoin BTC $ 62,667.11 is back to trading at levels seen in early February: near $60,000.
Key facts
- Outflows have accelerated for four consecutive weeks, rising from $1 billion in the week ended May 15 to $1.26 billion and $1.42 billion in the following two weeks, and most recently $1.72 billion
- Back in the first week of February, when BTC crashed to nearly $60,000, the ETFs bled $318 million
- But the two weeks before that had seen $1.33 billion and $1.49 billion leave
- Bitcoin BTC $ 62,667.11 is back to trading at levels seen in early February: near $60,000
Summary
Bitcoin has returned to about $60,000, but unlike in February, spot bitcoin ETF investors are now selling heavily into the price dip. U.S.-listed spot bitcoin ETFs saw $1.72 billion in net outflows last week, the largest weekly redemption in over a year and far above the $318 million outflow when prices last neared $60,000 in early February. Outflows from these ETFs have accelerated for four straight weeks as prices fell, signaling a more bearish institutional stance than February. Today, they are aggressively selling into the dip, ETF flows indicate, unlike in February, when selling slowed as prices dropped to near $60,000.