Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs) in the U.S. Witness Outflows Surpassing $300 Million This Week

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. witnessed outflows surpassing $300 million this week, as global macroeconomic events fueled

Highlighting recent trends in the cryptocurrency market, the latest data from ETF tracking platform SoSoValues reveals outflows from spot Bitcoin exchange-traded funds (ETFs) in the U.S. crossed $300 million this week.

As the week began on October 3, outflows of approximately $388.4 million were observed across 12 spot Bitcoin ETFs, following a significant inflow of over $1.1 billion in the last week of September. These outflows coincided with escalating geopolitical tensions, particularly the Iran-Israel conflict, which saw Bitcoin’s price drop to a weekly low of $60,047.

Although the release of favorable U.S. payroll data on October 4 provided a temporary market boost, lifting Bitcoin back to the $62,000 level, ETF inflows of $25.59 million were ultimately insufficient to offset the impact of the three-day selloff in the cryptocurrency market.

Despite three consecutive weeks of inflows totaling $1.91 billion since mid-September, Bitcoin ETFs ended the first week of October in negative territory, with a net outflow of $301.54 million. Among ETF products, Bitwise’s BITB led the recovery with $15.29 million in inflows, while Fidelity’s FBTC and ARK/21Shares’ ARKB attracted $13.63 million and $5.29 million, respectively. Notably, seven other Bitcoin ETFs, including BlackRock's IBIT, saw little to no movement, while Grayscale's GBTC recorded outflows of $13.91 million.

Bitcoin Miners Exert Selling Pressure as BTC Trades Below Short-Term Holder Price

Further insights into the cryptocurrency market dynamics reveal selling pressure from Bitcoin miners, with crypto analyst Ali reporting that miners have been offloading Bitcoin at a rate of approximately $143 million since September 29.

Moreover, Ali highlights that Bitcoin has been trading below the short-term holders’ realized price, which currently stands at around $63,000. If the cryptocurrency fails to regain this level, it could trigger further sell-offs among short-term holders looking to minimize losses.

In a related analysis, another crypto analyst known as Immortal identifies a slightly higher short-term target for Bitcoin, suggesting that a potential bullish reversal may be observed if the resistance at $64,000 is breached. Despite these near-term price movements, long-term forecasts for Bitcoin remain largely bullish.

Anticipations of the cryptocurrency’s typical Q4 performance and potential U.S. interest rate cuts suggest that Bitcoin prices could be poised to reach $72,000 by the end of the year. At the time of writing, Bitcoin was valued at $62,200, exhibiting a 5% decline over the past week. Notably, market sentiment appeared to be improving, with the Fear and Greed Index rising to 49 from the previous level of 41, indicating cautious optimism among investors.

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