- Over three days, there was a net outflow of funds from spot bitcoin ETF amounted to $490 million, indicating a decline in institutional demand.
- However, over the long term, there has been a net inflow of $3,3 billion since March.
Over the past three trading days, there has been a net outflow of funds from spot bitcoin ETF amounted to $490 million, according to According to SoSoValue. The outflow coincided with BTC’s failed attempt to reclaim $78,000. Traders fear further price declines.
Withdrawals from Monday to Wednesday from spot bitcoin ETF, registered in the US, defies the trend of the past two weeks and indicates a decline in institutional demand. However, over the long term, there has been a net inflow of $3,3 billion since March.
S&P 500 index futures (left) compared to Bitcoin/US dollar (right)
Part of the lack of confidence among traders can be explained by the 14% drop in the price of Bitcoin since the beginning of the year, while the S&P 500 index reached an all-time high, According to TradingView. However, the technology sector has come under increased scrutiny from investors as companies’ quarterly earnings reports have underwhelmed. Meta (META US) shares fell 9% on Thursday, while Microsoft (MSFT US) shares fell 4%.
At the time of writing, according to according to CoinGecko, Bitcoin was trading at $77,340. Over the past 24 hours, the flagship cryptoasset has fallen by 0,2%, while for the week, it has remained up by 2,7%.
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