The 11 Bitcoin ETFs continued its outflow, losing a collective $552 million last week.
The 11 Funds have experienced heavy outflows individually, with very little inflow to augment the losses. The largest outflow was recorded on 20 February, when the ETFs lost $365 million in a single day.
This heavy outflow day followed a heavy loss of funds for Blackrock’s IBIT and Fidelity’s FBTC. Ark 21 shares ARKB also lost heavy funds that day adding to the net outflow.
On Friday, the outflows subsided, but the 11 Funds ended the trading day with a deficit. Farside Investors UK revealed that the 11 Bitcoin ETFs lost $62.9 million on the last trading day of last week.
Grayscale’s GBTC led the outflows, losing 60.1 million, followed by Bitwise BITB, which lost $16.6 million.
Fidelity’s FBTC lost $12.5 million, the last outflow for the day. Blackrock’s IBIT recorded an inflow of $21.6 million, and Vaneck Hodl pulled in $4.7 million.
The Bitcoin ETFs recorded a modest rate of Investor Activity since last week.
Bitcoin Price Analysis
At the time of the report, Bitcoin is exchanging hands for $94,462, dropping by 1.3% in the last 24 hours.
Recently, Bitcoin has been consolidating between $94,000 and $100,000, with the $90,000 level as significant support. This consolidation phase suggests traders are accumulating positions, anticipating a potential breakout.
The Crypto market was hit by a downturn following a $1.5 billion hack on Bybit’s Ethereum wallet, which increased selling pressure across cryptocurrencies.
Analysts remain optimistic about the Bitcoin Price, predicting it to reach $200,000 by the end of 2025.
