As the broader crypto market continues to tackle heightened volatility, Bitcoin ETF products also appear to have faced significant turbulence. Notably, recent market stats indicate that the US Spot BTC ETFs closed the week with $287 million outflows, raising market concerns amid BTC price dip to $94K. In turn, crypto enthusiasts are now thoroughly monitoring the flagship token’s future price movements amid declining institutional interest and recent volatility.
Bitcoin ETFs Record $287M In Outflows Raising Market Concerns
As per the latest data offered by Farside Investors, Bitcoin ETFs recorded $287.9 million worth of outflows as of December 27. The remarkable outflows, underlining declining institutional interest, have raised severe investor uncertainty amid the market’s current volatility.
Data indicated that Fidelity’s FBTC registered $208.2 million in outflows yesterday. Further, even Ark Invest’s ARKB witnessed $112.6 million in outflows. Also, Bitwise’s BITB reported $36 million in outflows, whereas Invesco’s BTCO saw $14.2 million.
Besides, it’s also worth mentioning that BlackRock’s IBIT saw $79.4 million in inflows. Nevertheless, data collectively hinted at a considerable decline in institutional interest, raising concerns over the flagship crypto’s future movements.
Conversely, CoinGape also reported that BTC ETFs saw $450 million worth of inflows recently, which adds a contrasting tint to the asset’s future movements. The strong inflow suggests that a recovery for Bitcoin may also be possible moving ahead, whilst the current outflows are a direct result of market volatility.
What’s Next For BTC?
At the time of reporting, BTC price tanked nearly 0.5% intraday and is currently sitting at $94,214. Its 24-hour low and high were $93,310.74 and $97,294.85, respectively. Notably, weekly charts show a 5% drop in value, mirroring a turbulent crypto market whilst also aligning with outflows in Bitcoin ETF.
The turbulency aligns with the U.S. Fed’s hawkish stance on rate cuts, with no major macroeconomic events until the next year. However, it’s worth mentioning that BTC whales are buying the dip, as reported by CoinGape.
Besides, long-term prospects for the flagship crypto remain optimistic across the broader industry. Rich Dad Poor Dad author Robert Kiyosaki, a renowned name across the crypto industry, anticipates BTC price hitting $350K by 2025. Overall, despite the outflows and recent market volatility, Bitcoin showcases the potential for further gains ahead.
The post Bitcoin ETF Records $287M Outflow Amid BTC Dip To $94K, What’s Next? appeared first on CoinGape.
