Bitcoin ETFs lost over $730 million in a week, where is BTC going?

• Bitcoin ETFs saw steady outflows throughout the week, totaling over $730 million.
• The supply of BTC on exchanges has decreased by 27% over the past six months, despite continued profit-taking by Bitcoin holders.
• At the current price, almost 82% of Bitcoin holders are profitable, likely to make gains and increase selling pressure on BTC.

Bitcoin touched $63,379, a one-month low for the asset as investment product releases and ETFs climbed. Bitcoin ETFs saw over $730 million in outflows in a week.

Bitcoin Price fell almost 3% over the past seven days on Binance. Altcoins were hit by a market-wide correction, with BTC trading below $65,000.

Bitcoin Sees Increase in ETF Outflows

Data from Spotonchain shows that Bitcoin ETFs saw outflows totaling more than $730 million over the past week. Consistent capital outflows signal a loss of demand among institutional investors and a loss of relevance among market participants.

The releases coincide with the recent drop in flows Bitcoin Price. The asset hit its one-month low of $63,379 on Friday, June 21.

30-Day Bitcoin ETF Net Entry by SpotOnChain

On-Chain Bitcoin Metrics Show BTC Resilient Despite Profit Taking

Santiment, a crypto intelligence tracker, shows that the supply of Bitcoin on exchanges decreased by 27% over the last six months, between January 22 and June 22, 2024. Typically, the reduction of the volume of the asset on the stock exchanges is bullish because it reduces the selling pressure. .

During the same period, Bitcoin holders have consistently made profits, as evidenced by the profit/loss measurement made on the network. This metric determines the net profit/loss of all tokens moved on a given day.

NPL shows several positive spikes, implying that holders have made gains on their Bitcoin holdings. Despite profit-taking, Bitcoin’s supply is 27% lower than in January and the asset has held above $63,000, a key support level.

Offer of Bitcoin on stock exchanges and profit/loss made on the network

That could change, according to data from IntoTheBlock. Bitcoin holders are more likely to make additional profits, as almost 82% of wallets containing BTC are currently profitable. Less than 15% of portfolios hold Bitcoin are based on unrealized losses.

The $63,426 level is key support for Bitcoin, according to the Global In/Out of the Money metric. If Bitcoin falls below this level, losses could reach $46,348.

Global In/Out of the Money

At the time of writing, Bitcoin is trading at $64,279 on Binance.

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