Bitcoin ETFs lose $1.3B in 2 weeks amid market crash

Bitcoin exchange-traded funds (ETFs) have reached $1.3 billion in the past two weeks as bitcoin prices out of the United States continue to fall.

According to data from Farside Investors, total outflows of Bitcoin ETFs have increased by $1.298 billion over the past two trading weeks, while grayscale has spent $517.3 million over the same period.

Notably, BlackRock's Bitcoin ETF was the only fund to post positive results, earning $43.1 million in the past two weeks.

In the same time frame, the price of Bitcoin (BTC) fell 11.6 percent, from $69,476 to $61,359 at the time of publication on June 10, according to TradingView data.

Bitcoin ETFs' outflows across the board are the worst since April, when BTC investment vehicles posted total net outflows of more than $1.2 billion between April 24 and early May.

Jonathan de Wet, chief investment officer of digital asset trading firm ZeroCap, told Cointelegraph that “bleeding will continue” from the broader crypto market – he expects the price of Bitcoin to fall to the “key support” level of $57,000 in the coming weeks. Gox mountain lender fees.

“BTC and ETH are holding up surprisingly well against the rest of the market, with key support at 63,000 and 3,400 respectively and still in the clear price range of the last few months,” de Wet said.

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A number of market analysts shared their concerns about further downward pressure to come. This comes from the sale of Bitcoin from the German government and nearly $9 billion in BTC Mt. Gox Lender Payments is expected to come on the market in July.

De Wet said that while bitcoin and other cryptocurrencies could fall further in the coming week, he remains optimistic for the long term due to the sell-off from Mt Gox's lender.

“We are a medium to long-term developer, with the launch of the ETH ETF expected to ease the bias in late 2024. […] In the year before declining in 2025.

However, many analysts say that Mt. Gox's impact on lender payouts may not be as bad as thought.

Etoro market analyst Farhan Badami told Cointelegraph that bitcoin is “forward-looking” and prices can often be counted on during significant market events.

Badami said he expects Bitcoin's price to stabilize in the coming weeks and return to new all-time highs in the next few months.

“In the next few weeks, we could be in the range of US$60-70k.”

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