Quick Take
On July 3, Farside data revealed a total outflow in Bitcoin (BTC) exchange-traded funds (ETFs) of $20.5 million, marking the second consecutive trading day of net withdrawals.
The only outflow came from Grayscale’s GBTC, which saw a substantial $27.0 million exit, bringing its total outflows to a staggering $18.6 billion. In contrast, Fidelity’s FBTC experienced the only inflow, amounting to $6.5 million, which increased its total net inflow to $9.2 billion. Other ETF issuers reported no activity, neither inflows nor outflows.
Bitcoin ETF Flow Table: (Source: Farside)
This data coincided with BTC losing its crucial $60,000 support level, currently trading around $58,000. The realized price for ETF buyers since Jan. 11 stands at $57,960, closely aligning with the current BTC price. This situation presents a critical juncture for ETF investors as the BTC price hovers around their cost basis, potentially testing their resolve in the market.
Bitcoin: Exchange Average Withdrawal Price (by Year)
The market’s response to these movements and the price fluctuation will be pivotal in determining the short-term trajectory of Bitcoin ETFs, particularly for those closely tied to recent purchase prices.
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