✨️Net flows into spot Bitcoin ETFs have been increasingly negative, recording $158 million in outflows on Wednesday.
✨️Grayscale’s outflows, on the other hand, do not seem to be slowing down as the fund has lost over 106,091 BTC.
✨️Bitcoin price is still stuck hovering around $40,000, testing the 100-day EMA on the daily chart.
✨️Spot Bitcoin ETFs were expected to have an explosive start following their approval, which they did, but even though it has just been two weeks, the interest of the investors seems to be waning. Grayscale, which began bleeding right from the first day of trade, has seen some of the highest outflows.
✨️The New Bitcoin ETFs Are a No-Brainer Way to Build Wealth, but Only If You Plan to Buy and Hold for the Long TermThus, in less than ten days, over half a billion worth of BTC has already drained out of the spot ETF market. During the same period the market has noted inflows worth $1.2 billion in the same duration. This gives an overall balance of $824 million in net inflowsThe biggest loser, Grayscale, has been bleeding since the first day of trading, collectively noting 106,091 Bitcoin being sold in the same nine days. Apart from this $4.2 billion worth of outflow, the inflows of other digital assets have also begun declining. Wisdomtree spot BTC ETF noted the lowest inflow of just $10.6 million on WednesdayShow navigationFXStreet
Bitcoin price at risk
The cryptocurrency is observing support at $39,353, coinciding with the 100-day Exponential Moving Average (EMA). Some recovery on the daily chart has been observed in the last 24 hours. If this continues and the $41,814 resistance is breached, BTC will be able to flip the 50-day EMA into support
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