Spot Bitcoin ETFs saw withdrawals amounting to $105.96 million as of yesterday. These withdrawals continued the trend observed in previous days. One of the main reasons for the withdrawals is the volatile movements in Bitcoin’s price. Since Bitcoin fell below $63,500 yesterday, the market considered the withdrawals natural. What are the details of these withdrawals?
Yesterday’s Data on Spot Bitcoin ETFs
Yesterday, three Bitcoin ETFs experienced withdrawals while only one ETF saw inflows. Other ETFs recorded zero activity. The largest withdrawal was $45 million from Fidelity’s spot Bitcoin ETF. The total asset value of the Bitcoin ETF named FBTC is currently at $10.72 billion.
The second largest withdrawal was $34 million from Grayscale. The total asset value of GBTC is at $17.84 billion. The third Bitcoin ETF that experienced withdrawals was ArkInvest with $29 million. The total asset value of ArkInvest is at $2.92 billion.
The only spot Bitcoin ETF that saw inflows was Franklin’s Bitcoin ETF with $2 million. The remaining Bitcoin ETFs recorded zero activity.
Where Could Bitcoin’s Price Be Heading?
As we experience the hot days of summer, expectations for Bitcoin are starting to take shape. At this stage, BTC continues its range-bound movement. Yesterday evening, Bitcoin fell below $63,500, and at the time of writing, it was trading above $64,000.
For BTC to see a price increase, levels around $70,000 need to be reached. This situation will also resonate in the altcoin sector. Especially for altcoins that have experienced sharp declines recently, everyone is expecting a recovery. However, Bitcoin has not yet allowed for this recovery. This situation deeply affects investor psychology, leaving many in a state of weariness.
