Bitcoin ETF outflows hit US$696M as BTC falls hard
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- Spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) recorded total net outflows of US$696.29 million on the latest trading day, marking the highest single-day withdrawal since 27 May, according to data from SosoValue.
- Bitcoin faced renewed selling pressure over the past 24 hours, slipping back to test the US$58,000 level and remaining firmly below the US$60,000 mark.
- The sharp acceleration in ETF outflows coincided with Bitcoin's steep price correction, highlighting growing unease among both retail and institutional investors.
Steady outflows have been observed from spot Bitcoin ETFs in recent months, though the latest figures suggest institutional investors are increasingly offloading holdings at a time when market participants had been hoping for signs of recovery.
The simultaneous occurrence of heavy fund withdrawals and Bitcoin's renewed dip to US$58,000 appears to have prompted greater caution among investors, particularly those with exposure through ETF products.
Market momentum remains subdued, with attention now focused on whether Bitcoin can reclaim the US$60,000 level and whether ETF outflows will eventually stabilise.
The scale of the latest outflows underscores the intensity of institutional selling, with the US$696.29 million figure representing the largest single-day exit recorded since late May.
Analysts and market participants are watching closely for any reversal in ETF flow data as a potential early indicator of returning investor confidence in the near term.
At the time of reporting, Bitcoin price was $59,672.15.