Crypto: Bitcoin Etfs Extend Losses With $545m Outflows As BTC Nears $70k

Bitcoin ETFs saw $545 million in daily outflows as BTC neared $70,000, though analysts said most investors were holding positions despite market weakness.

Bitcoin exchange-traded funds (ETFs) extended losses on Wednesday amid BTC price approaching the $70,000 mark, adding to mounting pressure across digital asset markets.

According to data from SoSoValue, spot Bitcoin (BTC) ETFs recorded $545 million in outflows on the day, pushing weekly flows into the negative with $255 million in net outflows.

Year-to-date, the funds have attracted $3.5 billion in inflows but seen $5.4 billion in redemptions, leaving them net negative by $1.8 billion. Total assets under management stand at $93.5 billion.

The bearish ETF sentiment mirrors broader market weakness, with total cryptocurrency market capitalization down around 20% year-to-date, falling from about $3 trillion to $2.5 trillion at the time of publication, according to CoinGecko.

Despite facing their biggest losses since launching two years ago, some analysts say Bitcoin ETFs are resilient amid the market volatility.

With cumulative net inflows for spot Bitcoin ETFs measured at $54.8 billion, the market is just 13% down from its peak of $62.9 billion in October last year.

“That's not too shabby considering these funds took in around $63 billion at their peak,” Bloomberg ETF analyst James Seyffart said in an X post on Wednesday.

Eric Balchunas, senior ETF analyst at Bloomberg, said the majority of Bitcoin ETF investors have held onto their positions despite the recent downturn.

Balchunas estimated that only around 6% of total assets have exited the funds, even as Bitcoin prices have fallen sharply and many investors remain underwater.

Source: CoinTelegraph