Bitcoin spot ETF saw $174M outflow, Bitcoin crashes to $58.5k: What Next?

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Retail Bitcoin investors are in panic while ETF traders remain steady amid a $174 million outflow.

The current trade price of Bitcoin (BTC) is $61,300 & this trade price is 7% down over the last 7 days.

Bitcoin spot ETF saw $174M outflow, Bitcoin crashes to $58.5k: What Next? 1

In the last 24 hours, the lowest Bitcoin trade price was $58,630, nearly 20% down from an all-time high (ATH) of $73,780. 

On 24 June 2024, The US Bitcoin spot ETF market saw a net outflow of $174 million, marking seven consecutive days of net outflows. The Grayscale Bitcoin Trust (GBTC) experienced a single-day outflow of $90.42 million. The total net asset value of the Bitcoin spot ETF stood at $51.53 billion.

Bearish factors 

The continuous money outflow from the US BTC spot ETF market is creating significant sell pressure in the Bitcoin market. 

Many crypto analysts called this small crash event a very big panic factor among retail crypto investors. 

Top crypto analysts suggested investors keep patience, as the pattern is showing something for a better outcome. 

However, the majority of the big Bitcoin proponents are suggesting people keep patience amid this critical phase but people are not convinced by any bullish statement because two big factors are creating panic to the next level.

Currently, the German government has been actively transferring Bitcoin to the top crypto exchange. They moved $600M BTC last week, sending $130M BTC to 4 likely exchange deposits including Kraken and Bitstamp. 

Also, the MtGox trustee has completed the formalities required to release creditors’ money, and it is expected that funds will start being released next month.

Read also: Nomura Survey: Over Half of Japanese Institutional Investors Eye Cryptocurrencies to Combat Inflation and Diversify Portfolios