Bitcoin Price Falls As Bitcoin ETF Saw $165M Outflow, Bitwise Records First-Ever Outflow

Spot Bitcoin ETFs saw another day of outflow, with a net outflow of $165 million on Wednesday. This was the fourth consecutive outflow this week as investors worldwide look ahead to the most eagerly awaited event of the year — Bitcoin halving.

Bitcoin price fell to a low of $59,678 as crypto market sentiment worsened further. The Crypto Market Fear & Greed dropped to January lows of 57 today from 77 last week.

Spot Bitcoin ETF Outflows Climb to $165 Million

The total net outflow of spot Bitcoin ETFs was $165 million, according to data reported by Bloomberg and Farside Investors on April 18. The spot Bitcoin ETF buying activity has dropped significantly in the last few days amid tax filing in the United States. The nine ETFs recorded trading volumes of nearly $2.7 billion on Wednesday.

The outflows from Grayscale GBTC have shown signs of slowing down this week. However, on April 17, outflows from GBTC increased to $133.1 million from $79.4 million. With this, the total outflows from the Grayscale BTC ETF currently stand at $16.59 billion.

Interestingly, the Ark 21 Shares Bitcoin ETF (ARKB) also witnessed another day of negative outflows, with a $42.7 million in outflow from the ETF on Wednesday. Bitwise Bitcoin ETF (BITB) saw its first-ever outflow of $7.3 million.

BlackRock’s iShares Bitcoin ETF (IBIT) saw a mere $19.1 million inflow, falling substantially from the recent inflows. Following the latest inflow, BlackRock’s net inflow hit over $15.37 billion and asset holdings jumped over $16.64 billion.

Fidelity Bitcoin ETF (FBTC) and other spot Bitcoin ETFs saw zero inflows. Bloomberg ETF analyst James Seyffart recently said it’s common for Bitcoin exchange-traded funds (ETFs) to experience days with zero inflows but that shouldn’t be seen as the failure of Bitcoin ETFs.

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Bitcoin Price Tumbles Below $60K

BTC price fell nearly 5% in the last 24 hours, falling in the descending channel pattern. Bitcoin is currently trading at $61,151, with a 24-hour high and low of $64,025 and $59,678, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours as traders cautiously look for the bottom.

Recent analysis and reports have hinted at a potential BTC price correction to $55K ahead of bitcoin halving, giving investors another buy-the-dip opportunity.

Coinglass data indicates Bitcoin futures and options open interests (OI) have dropped slightly in the last 24 hours. The total futures OI dropped over 3% to $30.63 billion, with selling continuing in the last few hours.

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