After Bitcoin witnessed a severe price drop in the last day when its price retested $58,000, a level last seen in late 2024, its ETF market has also bled aggressively.
Although the Bitcoin ETFs have continued to record steady daily outflows for several months, the outflows recorded during their last trading session marked the highest in the past one month.
Bitcoin ETF demand on hold
Per data provided by SosoValue, the Bitcoin ETFs have recorded a combined net outflow of $696.29 million during their last 24-hour trading session.
This marks the highest withdrawal the funds have faced since May 27, suggesting that selling pressure from institutional investors has only continued to intensify just when the market expected a recovery.
While the massive withdrawals experienced by the Bitcoin ETFs arrived at a time when Bitcoin faced more severe downside pressure, which caused its price to retest $58,000, it appears that the volatile price move influenced investors' decisions to exercise caution with the Bitcoin-based investment product.
Nonetheless, the sudden plunge in Bitcoin's price, which was accompanied by a substantial institutional sell-off, has stirred concerns about the asset's potential to recover in the near term.
Bitcoin steadies below $60,000
Since the rapid price dip seen in the last day, Bitcoin has continued to trade below $60,000, showing steady declines in its daily price move.
While the weak momentum saw its price retest $58,000, speculations about the asset reaching its bottom have emerged, and market participants are closely watching its next price move.
As of the time of writing, Bitcoin is trading at $59,401, a price drop of 2.98% over the last 24 hours. With the asset's price low and institutions selling, Bitcoin has presented investors with a bearish outlook.
U.Today Editorial Team
Dan Burgin
