Bitcoin ETFs Bleed After Outflows Hit $228 Million As Miners Capitulate – Is Bitcoin’s Rally Over?

Bitcoin ETFs witnessed a massive wave of outflows estimated at $228.2 million. Data from Farside Investors revealed a net outflow of $226.2 million from the Spot ETF market on June 13.

Remarkably, BlackRock's IBIT ETF was the only ETF fund that did not record outflows. Rather, it had a net inflow of $18.3 million.So, these statistics confirm that spot ETFs attract different sentiments from investors, especially in a volatile market.

US Bitcoin Spot ETFs Performance Shows Investors' Sentiment

Eleven Spot Bitcoin ETFs in the United States recorded a large volume of outflows, totalling $226.21 million. Fidelity's FBTC was the most affected, with its second-largest single-day outflow since its introduction.

Based on data from Farside Investors, FBTC recorded a massive outflow of $106.4 million.In comparison, Grayscale GBTC ETF continued its struggles with outflows, recording a net outflow of $61.5 million.

Other big players, such as Ark Invest and 21Shares'ARKB recorded $52.7 million worth of outflows.Meanwhile, VanEck and Bitwise both recorded outflows of approximately $10 million each.

These outflows are likely a reflection of Bitcoin's recent price decline in the past few weeks.Based on this, BlackRock's inflow of $18.2 million through its IBIT ETF was quite impressive on a day dominated by outflows.

Bitcoin Price Patterns and Market Overview

Bitcoin entered a volatile phase after approaching the $72,000 price level last week. Also, it lost almost 6.5% of its price gains in the past week.

Nevertheless, the analytical platform Santiment reveals an interesting spike in buyer interest in Bitcoin. This is the second-largest wave of buyers' interest in the past two months.

Apart from the buyer's interest, Bitcoin's selling pressure seems to be in decline.According to Santiment's analysis, FOMO and greed in the market operate in two ways. First, the price spikes and traders join the market hoping for a second increase.

In the second scenario, the price declines, but the traders believe that it is necessary. Based on this belief, they will accumulate more coins, hoping for a quick price recovery.

Impressively, the Bitcoin whales have entered an accumulation phase. The number of whales holding over 1,000 BTC tokens has risen to a new all-time high.Also, Bitcoin miners are selling in large numbers to offset their operating costs after the halving in April. These miners' sales are likely influencing Bitcoin's price action.

Meanwhile, analyst Rekt Capital believes that Bitcoin's failure to achieve a decisive breakout could be beneficial in the long term. He noted that Bitcoin has never made a major price move early after a halving.

According to Rekt Capital, an early Bitcoin breakout will accelerate the cycle to the point that the bull market will be shorter than usual.So, he believes the current consolidation phase will help Bitcoin's price realign with historical halving cycles, allowing for a normal bull run.

Additionally, Rekt Capital referred to a quote by Baron Rothschild, who made a fortune from FOMO buying,According to Rothschild, buy when there is blood in the streets, even if the blood is your own. So, investors are currently adopting this approach for Bitcoin despite its decline.

The post Bitcoin ETFs Bleed After Outflows Hit $228 Million As Miners Capitulate - Is Bitcoin's Rally Over? appeared first on The Tech Report.