đ´ Bitcoin ETFs dump $8.95B amid rising sell pressure; price action is fragile
Spot Bitcoin ETFs in the US have just shed another $296 million, or 5,050 BTC, in a single day. BlackRock, Grayscale, and Fidelity lead this outflow. These relentless sales have now pulled a staggering $8.95B out of these funds since May 7, marking 34 negative trading days out of the last 39. Just in June, there was a brutal outflow of $4.5Bâthe biggest monthly outflow since their launch in January đĽ.
Despite Bitcoinâs recent price jump of 2.4% to around $61,600, donât get comfortable. On-chain analyst That Martini Guy notes that ETF selling hasnât stopped, funding rates are shifting, and the market structure remains fragile. This rebound is likely a âdead cat bounceâ until we see a sustained streak of net inflowsânot just a few green days đ.
Adding to the bearish picture, exchange balances show coins being withdrawn from exchanges, which is usually a bullish accumulation signal. However, history shows that this âaccumulationâ previously lined up with downtrends, without stopping the decline. Some of these withdrawals may even be ETF redemptionsâmoving between wallets rather than representing fresh buying pressure đ.
The takeaway is clear: ETF flows are currently dictating Bitcoinâs marginal price. Until these redemptions ease, on-chain accumulation wonât be able to absorb the selling. A durable shift to net inflows is the only signal that could mark a structural change and a solid bottom.
đ Expect further downside pressure on the price of Bitcoinâand possibly ETHâas ETF redemptions continue. Altcoins are likely to get hit even harder, and any short-term rebounds will probably be unstable until ETF outflows reverse.
Will continued ETF outflows keep weighing on BTC, or is this the final capitulation before a real rebound? đ
#bitcoin #etf #outflows #blackrock #grayscale
Spot Bitcoin ETFs in the US have just shed another $296 million, or 5,050 BTC, in a single day. BlackRock, Grayscale, and Fidelity lead this outflow. These relentless sales have now pulled a staggering $8.95B out of these funds since May 7, marking 34 negative trading days out of the last 39. Just in June, there was a brutal outflow of $4.5Bâthe biggest monthly outflow since their launch in January đĽ.
Despite Bitcoinâs recent price jump of 2.4% to around $61,600, donât get comfortable. On-chain analyst That Martini Guy notes that ETF selling hasnât stopped, funding rates are shifting, and the market structure remains fragile. This rebound is likely a âdead cat bounceâ until we see a sustained streak of net inflowsânot just a few green days đ.
Adding to the bearish picture, exchange balances show coins being withdrawn from exchanges, which is usually a bullish accumulation signal. However, history shows that this âaccumulationâ previously lined up with downtrends, without stopping the decline. Some of these withdrawals may even be ETF redemptionsâmoving between wallets rather than representing fresh buying pressure đ.
The takeaway is clear: ETF flows are currently dictating Bitcoinâs marginal price. Until these redemptions ease, on-chain accumulation wonât be able to absorb the selling. A durable shift to net inflows is the only signal that could mark a structural change and a solid bottom.
đ Expect further downside pressure on the price of Bitcoinâand possibly ETHâas ETF redemptions continue. Altcoins are likely to get hit even harder, and any short-term rebounds will probably be unstable until ETF outflows reverse.
Will continued ETF outflows keep weighing on BTC, or is this the final capitulation before a real rebound? đ
#bitcoin #etf #outflows #blackrock #grayscale