Bitcoin ETFs record 6 straight days of cash outflows

The United States spot Bitcoin ( BTC ) exchange-traded funds ( ETFs ) have recorded 6 consecutive days of cash inflows. The U.S. spot BTC ETFs have registered a net cash outflow of approximately $1.55 billion from May 15 through 22, according to SoSoValue data analyzed by Finbold on May 26. As such, these funds hold assets valued at about $98.87 billion at the time of reporting. Bitcoin spot ETF daily flow. Source: SoSoValue The notable outflows from U.S. spot BTC ETFs over the past six days were driven by the bleeding of BlackRock’s iShares Bitcoin Trust ( IBIT ). The IBIT fund recorded a net cash outflow of roughly $1.14 billion during this period, thus currently holding assets valued at about $61 billion. IBIT daily cash flow. Source: SoSoValue Additionally, spot BTC ETFs recorded net outflows during this period, driven by liquidations from the Fidelity Wise Origin Bitcoin Fund ( FBTC ), which reported a net sale of $151 million. As such, the FBTC fund holds assets valued at $13.98 billion at the time of publication. FBTC daily cash flow. Source: SoSoValue Bitcoin price outlook amid reduced demand from U.S. spot ETF The notable shift in Bitcoin’s demand from the U.S. spot ETF issuers has weighed down on the asset’s bullish momentum. Over the past seven days, BTC price has continued to consolidate around $76,000, trading at $77,160 at press time. BTC/USD 7-day chart. Source: Finbold The flagship coin struggled to maintain bullish sentiment due to a lack of consensus among derivatives traders, who have turned bullish as Finbold noted, and U.S. spot ETF issuers. As a result, if the U.S. spot BTC ETF shifts to accumulation mode in the coming days, a potential uptrend could occur and vice versa. ​ The post Bitcoin ETFs record 6 straight days of cash outflows appeared first on Finbold .