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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Here’s What Happened Last Time

Scott Matherson
Scott Matherson
1 year ago
2 mins read
Bitcoin

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Spot Bitcoin ETFs have entered another disturbing trend, recording outflows for one week straight. These outflows have coincided with the decline in the Bitcoin price, suggesting that the sell-offs may be directly linked to institutional sell-offs, as well as miner sell-offs. The funds have now completed seven consecutive days of outflows, so this report takes a look at what happened the last time that the outflows were this high.

Spot Bitcoin ETFs Lose Money For 7 Straight Days

According to data from Coinglass, Spot Bitcoin ETFs have now marked their 7th consecutive day of outflows. An interesting fact about the outflows is that they have averaged around $100 million daily, leading to around $1.2 billion pulled out from the funds so far.

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While the current trend is alarming, it is not the first time that Spot Bitcoin ETFs will be bleeding for a full week. Back in April-May 2024, these funds bled for 7 consecutive days, to an even higher degree than what is being experienced now. Additionally, the largest single-day outflow was recorded in the same month, when the funds lost $563.7 million on May 1.

This previous trend could lend some insight into what is currently happening and what might happen next. Back in May, after seven consecutive days of outflows, the funds were to see upside, recording inflows for two days before seeing outflows again.

However, this was only the beginning of the recovery as institutional investors began to throw their hats in the ring once again. Starting from May 13, the inflows moved fast, recording 19 consecutive days of inflow, and setting a new record.

If the previous trend is anything to go by, then the Spot Bitcoin ETFs could be seeing a turnaround soon, especially with the recovery in the Bitcoin price. A repeat of the May trend would trigger inflows of epic proportions, which will drive prices as the demand grows.

BTC On The Charts

The Bitcoin price, despite dropping to $60,000, is still trading well above its 200-day moving average of $50,613. This suggests that the price continues to be bullish in the long term, especially as investors opt to hold rather than sell.

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However, on the shorter timeframes, the pioneer cryptocurrency is performing poorly, falling below its 50-day and 100-day moving averages of $65,403 and $63,928, respectively, both of which are important for the short and mid-term performance of the digital asset.

On the daily chart, though, Bitcoin is starting to see some upside. Its daily trading volume is up 35% and its price has recovered above the $61,000 resistance once again.

Bitcoin price chart from Tradingview.com
BTC price above $62,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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