PEPE AI Coins Rise: U.S. Spot Bitcoin ETFs witnessed large weekly withdrawals, contributing to Bitcoin price’s ongoing struggles. Data from Farside Investors shows that these exchange-traded funds (ETFs) saw a $545 million outflow this week, which has led some to worry about Bitcoin’s short-term prospects. It’s important to mention that the U.S. Spot Bitcoin ETF has seen an outflow in just four trading days this week. This is because the stock market was closed on June 19th owing to the Juneteenth holiday.
$545M Left U.S. Spot Bitcoin ETF
Investors are becoming more cautious, as shown by the $545 million outflow from the U.S. Spot Bitcoin ETFs this week, according to the most recent statistics from Farside Investors. Notably, Bitcoin’s price remained below zero even after a little uptick in the past day. At the same time, the selling reflects the general pessimism in the market. The Juneteenth holiday was responsible for the withdrawals over four trading days. The June 21st single-day outflow was the lowest at $105.9 million.
The largest outflow on June 21st occurred in Fidelity’s FBTC, which lost $44.8 million. Next in line were the GBTC and ARK 21Shares Bitcoin ETF (ARKB) offered by Grayscale, which saw outflows of $34.2 million and $28.8 million, respectively. These numbers show that investor trust has been declining across several big ETFs. At the same time, market analysts and investors are worried about this large withdrawal of capital from Bitcoin ETFs.
The decline in Bitcoin’s trading volume and price has coincided with the outflows, casting doubt on the cryptocurrency’s near-term prospects. The market’s response to these withdrawals may signal that investor confidence is waning, which could lead to more price drops.
Market analysts expect BTC to drop to $60K
Many speculate that the price of PEPE AI Coins Rise would fall due to the large withdrawals from Bitcoin ETFs and the lackluster trading activity surrounding Bitcoin. Remember that prominent cryptocurrency research firm Rekt Capital has issued a bearish forecast for Bitcoin’s price in the days ahead. He predicts Bitcoin will recover and surge after this dip, even though it might experience more downward pressure in June.
However, Ali Martinez, another well-known market expert, has noticed a discernible drop in investor enthusiasm for the price of Bitcoin as of late. This waning enthusiasm can put more negative pressure on the cost of Bitcoin, sending it tumbling toward the $60,000 level.
Investors in Bitcoin are more worried than ever due to the combination of large withdrawals from exchange-traded funds and lackluster market performance. Some market watchers are bullish on Bitcoin’s long-term prospects, predicting that the cryptocurrency will bounce back and keep rising even after a brief dip.
At the time of writing, the price of one PEPE AI Coins Rise was above $64,300, a decrease of 0.3 percent. The leading cryptocurrency’s trading volume dropped 7% to $24.13 billion, and its price hit a 24-hour low of $63,378.89. Nevertheless, investors may recover faith in the cryptocurrency as the BTC Futures Open Interest increased 0.43% to $5.50 billion within four hours.
Also Read: Bitcoin Stays Bearish at $64K, PEPE & AI Coins Rise.
