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Bitcoin ETFs Face $972 Million Outflow, Risk Second-Worst Performance
Bitcoin bulls face a significant challenge this week, needing to funnel nearly $1 billion into U.S.-listed exchange-traded funds (ETFs) to avoid the second-worst performance on record.
- In January 2024, 11 spot bitcoin ETFs were listed on Nasdaq, accumulating $53.9 billion from investors.
- This month, these funds have seen a net outflow of $972 million, marking the second-largest since inception.
- A negative tally by Friday would end a four-month inflow streak.
- The slowdown in ETF uptake has contributed to a decline in BTC's price, which peaked over $124,000 earlier this month and is now just above $100,000.
- Matrixport noted that seasonal headwinds impact capital flow, but macro factors could eventually drive BTC higher.
- Consensus predicts BTC may reach above $150,000 this year, requiring approximately $404 billion in total inflows, including an additional $173 billion by year-end.
- Ether ETFs have registered a net inflow of $3.23 billion this month, continuing a winning streak since April.
