Bitcoin Experiences 3.6% Weekly Decline Amid $2.6 Billion ETF Outflows
Bitcoin (BTC) decreased by 3.6% this week, dropping from approximately $119,800 to around $114,500. This decline is mirrored in spot Bitcoin ETFs, particularly BlackRock’s IBIT ETF, which experienced over $2.6 billion in outflows on August 1.
IBIT Bitcoin ETF Outflows
- BlackRock's IBIT ETF saw the highest outflow in two months, totaling more than $2.6 billion.
- US-based spot Bitcoin ETFs had a net outflow of $643 million for the week ending August 1, ending a seven-week streak of positive inflows exceeding $10 billion.
- Outflows from IBIT were not reflected in other ETFs.
- A correlation was found between IBIT outflows and USDT transfers on the Tron network, with Binance's USDT transfers decreasing from approximately $2 billion to $1.3 billion, a 35% drop.
- The reduction in USDT transfers suggests a cooling of institutional interest in BTC.
Market Analysis and Predictions
- Binance’s net taker volume dropped to -$160 million last week, indicating increased selling activity.
- Analyst Josh Olszewicz predicted BTC may remain range-bound until October 2025.
- CoinShares reported Bitcoin could potentially rise to $189,000 if it captures 2% of global M2 money supply or 5% of gold's market cap.
- Current BTC price is $114,494, showing a 0.3% increase in the last 24 hours.
