Home Bitcoin ETF outflows reach $1.3B as price falls

Bitcoin ETF outflows reach $1.3B as price falls

Over the past two weeks, United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have experienced outflows totaling $1.3 billion as Bitcoin’s price continues to fall.

Farside Investors reports that the total outflow for Bitcoin ETFs reached $1.298 billion during this period, with Grayscale leading the exodus at $517.3 million. Interestingly, BlackRock’s Bitcoin ETF stands out as the sole fund reporting positive results, attracting $43.1 million in inflows over the same timeframe.

During this period, Bitcoin’s price has dropped 11.6%, declining from $69,476 on June 10 to $61,359 at the time of writing, according to TradingView data. This marks the most significant outflow since April when spot Bitcoin ETFs saw net outflows exceeding $1.2 billion between April 24 and early May.

Mt. Gox still haunts crypto

Jonathan de Wet — chief investment officer at ZeroCap — told Cointelegraph that he expects Bitcoin to potentially fall to around $57,000 in the coming weeks, citing Mt. Gox creditor repayments as a contributing factor. However, he notes that Bitcoin and Ethereum are “holding up surprisingly well” compared to the broader crypto market. In late May, the defunct company moved $840 million worth of Bitcoin.

Market observers have expressed concerns about potential downward pressure due to Bitcoin sales from the German government and anticipated Mt. Gox creditor repayments of nearly $9 billion expected in July.

Despite short-term challenges, de Wet maintains a bullish long-term outlook, citing the expected Ethereum ETF launch and potential easing of monetary policy towards the end of 2024 and into 2025. Also Brad Howell of Keyrock UK told DL News in late April:

It is fair to assume that anyone who had assets in Mt. Gox is an early adopter and more likely to lean towards the Bitcoin maxi end of the spectrum. […] Don’t expect large volumes of Bitcoin to sell off on day one.

Some analysts, including eToro’s Farhan Badami, suggest that the impact of Mt. Gox repayments may not be as severe as feared, noting that Bitcoin often prices in significant market events. Badami expects Bitcoin’s price to stabilize in the coming weeks, potentially ranging between $60,000 and $70,000, before potentially reaching new all-time highs in the months ahead.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.