American spot Bitcoin ETFs have experienced several difficult days with a noticeable decrease in investor interest.
Registered outflows of $152.42 million on Tuesday, the fourth consecutive day of net outflows. Leading the outflows was Fidelity’s FBTC, which saw outflows of $83 million. Additionally, Grayscale’s GBTC and Bitwise’s BITB were not spared, as they reported significant outflows of $62 million and $7 million respectively.
However, the remaining eight ETFs in this category appear to not have seen significant changes in their financial activities. These 11 spot Bitcoin ETFs still report net inflows of $14.81 billion, which is a noticeable decrease from the $15.69 billion recorded on June 7.
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Surprisingly, while the excitement around crypto ETFs seems to be fading, the overall trading volume with them reached $1.7 billion on Tuesday compared to just $1.24 billion on Monday.
Meanwhile, in the last twenty-four hours, the price of Bitcoin has not seen significant movements, trading at $65,250. Additionally, according to CryptoQuant analysts, things may soon turn bearish for the world’s largest cryptocurrency as it has broken below an important support level.
It is rumored that Bitcoin may undergo a correction of 8%-12% in the short term, with forecasts indicating it could drop to around $60,000 per coin. Of course, such forecasts should not be taken as certain, as cryptocurrencies are highly volatile assets.
But one thing is clear: the recent outflows from spot Bitcoin ETFs in the US show how fickle investor sentiment can be in the world of cryptocurrencies. As the market continues to change and evolve, it will be interesting to see how these investment platforms adapt and whether they can regain investor trust in the long term.
