According to data released by CoinShares, investment products related to Bitcoin witnessed an increase in outflows, totaling $630 million last week, with the overall outflows over the past two weeks amounting to approximately $1.1 billion.
Bitcoin Outflows
CoinShares’ latest report on “Weekly Digital Asset Fund Flows” revealed that outflows from all cryptocurrency investment products reached $584 million in the week ending June 21.
The recent decision on interest rates by the FED, impacting global markets, is believed to have triggered substantial outflows in ETFs, fueled by ongoing uncertainties surrounding potential rate cuts.
CoinShares Head of Research, James Butterfill, commented on the recent outflows in ETFs and price declines, attributing them also to the sale of BTC by the German government and remarks from a Mt. Gox official concerning Bitcoin repayments.
Farside Investors’ data also carries significant weight in the market, indicating that institutional investors faced $544.1 million in outflows from spot Bitcoin ETFs between June 17 and June 21. Notably, the largest outflows during this period originated from Fidelity’s FBTC, escalating to over $271 million.
Bitcoin Price Update
Bitcoin continues its downward trajectory, experiencing a 6.5% decline last week. As per the latest data, BTC’s price dropped below $60,000 after opening at $63,170 on June 24.
Crypto analyst Jelle posted on X on June 24, outlining key levels for Bitcoin’s progression. Trader Dom’s Crypto also highlighted significant insights.
According to Coinglass data, liquidity of $13.28 million was recorded at the $60,450 level, with a notable liquidation event upon breaching this level. Investigations revealed liquidation of over $155.22 million in BTC long positions within the past 24 hours.
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Disclaimer: The information presented here should not be construed as investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and conduct thorough research on their own.
