Bitcoin ETF · Bitcoin · CoinDesk
Bitcoin BTC $ 60,930.61 has lost buyers on two fronts
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
The exodus from spot ETFs as a catalyst for the recent bitcoin price swoon is well documented.
Key facts
- That partly explains BTC's quick slide from $74,000 to under $60,000 last week
- On Wednesday, the 11 funds posted an outflow of $213.85 million, according to SoSoValue
- As BTC broke down from the mid-$70Ks toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace," analysts at Glassnode said
- The firm, however, returned to the market during last week's sell-off, snapping up BTC worth around $100 million
Summary
Bitcoin’s slide from about $74,000 to below $60,000 has coincided with a sharp pullback in buying from both spot ETFs and corporate digital asset treasuries. While corporate treasury firms remain net bitcoin buyers, their daily purchases have dropped from peaks above $500 million earlier this spring to minimal levels this month, removing a key source of demand. U.S.-listed spot bitcoin ETFs have recorded more than $5.7 billion in net outflows since mid-May. Bitcoin BTC $ 60,930.61 has lost buyers on two fronts.