Outflows from U.S.-based bitcoin exchange-traded funds surpassed $706 million this week as bears pushed bitcoin to $53,304 — its lowest level since Aug. 5.
according to Data According to SoSoValue, the 12 bitcoin ETFs recorded net outflows of $169.97 million on September 6, with Grayscale and Fidelity leading the pack.
- Fidelity’s FBTC fund lost $85.5 million, as the fund saw negative inflows over the past seven trading days.
- Grayscale’s GBTC added to the outflows, with $52.9 million leaving the fund, bringing its total losses to more than $20 billion since inception. Over the past eight days, the fund has lost $279.9 million, continuing a streak of outflows since August 27.
- Bitwise’s BITB token sees $14.3 million outflow
- ARK 21Shares’ ARKB stock, $7.2 million
- Grayscale’s Bitcoin Mini Fund, $5.5 Million
- Valkyrie’s BRRR, $4.6 million
BlackRock and WisdomTree Avoid Outflows
BlackRock’s IBIT and WisdomTree’s BTCW were the only two Bitcoin exchange-traded funds to avoid outflows over the past week. However, they did not record any new inflows over the past two days.
This investor hesitation coincides with the recent decline in Bitcoin’s value. The leading cryptocurrency is back up to $54,333 at the time of writing after briefly touching $52,690 — its lowest level since August 5. However, Bitcoin is down 3% over the past day.
Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day high of $64,648, reached on August 26. The turmoil has intensified over the past 24 hours as $113.86 million in Bitcoin positions have been liquidated, According to To Coinglass.
Bitcoin’s price drop came amid growing unease in the cryptocurrency market, fueled by the so-called “Red November” seasonal slump and uncertainty over a potential US interest rate cut. These factors have dented investor confidence and exalted market volatility.
according to Data The widely watched cryptocurrency Fear and Greed Index remains at 23, its lowest level in more than a month, according to Alternative. This indicates heightened investor anxiety and a risk-averse market environment.
Further decline expected
Technical indicators suggest that a death cross may be forming soon, as the 50-day and 200-day exponential moving averages are approaching an intersection. Death crosses are one of the most feared patterns in technical analysis. Bitcoin dropped more than 67% after forming a death cross in January 2022.
Analysts on social media platform X also maintained a bearish outlook. According to cryptocurrency analyst Pushpendra Singh Digital, BTC related In a falling wedge pattern.
He points out that a break above the wedge around the $57,800 to $58,000 range could lead to a strong upside move.
However, if the BTC price drops below the support line at around $54,000, it could lead to further declines.
Echoing this cautious sentiment, here is a 1-day chart of the BTC/USDT pair. subscriber Cryptocurrency analyst Nika also highlighted Bitcoin’s struggle to rise above the $58,000 level.
If the cryptocurrency fails to break past this resistance area, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.
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