Bitcoin ETF · Bitcoin · Cointelegraph
Bitcoin ETFs end 'most overwhelming' $2.7 billion sell-off amid new $85 million net outflow
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Bitcoin spot ETFs posted a fresh net outflow on Wednesday as analysis said that their "most overwhelming" outflow streak had ended without a clear demand recovery.
Key facts
- Beginning June 17, the ETFs saw ten straight days of net outflows totaling $2.7 billion, data from UK-based investment company Farside Investors confirms
- The cohort then began to reverse the trend, and saw over $500 million of net inflows over three trading days before a net $84.9 million outflow for Wednesday
- A week ago, the 30-day cumulative demand was close to -500K BTC
- In that time, futures demand went from -295,000 BTC to a “slightly positive” figure, while spot demand stayed negative
Summary
Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs). Bitcoin ETF flows reverse a ten-day losing streak, but analysis warns that demand remains weak. An "overwhelming" sell-off is nonetheless over, says Swissblock. Overall BTC demand shows a clear gap between spot and derivatives trends.