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Bitcoin ETFs see sell-off ease after $2.7B outflows
Farside Investors data shows spot Bitcoin ETF outflows of $2.7 billion across 10 straight days ending with Wednesday’s $84.9 million net loss and subsequent net inflows over several sessions.
Bitcoin spot ETFs logged a fresh net outflow Wednesday, but analysis indicates the “most overwhelming” sell-off streak tied to institutional demand has eased, according to Cointelegraph. Cointelegraph cited Swissblock commentary that the distribution wave that drove the bear market outflows has ended, after the ETFs recorded 10 straight days of net outflows starting June 17 totaling $2.7 billion. After that period, the cohort reversed, posting more than $500 million in net inflows over three trading days before switching to a net $84.9 million outflow on Wednesday.
The outlet also reported that demand remains a key obstacle to a bullish recovery, pointing to on-chain research from CryptoQuant. CryptoQuant contributor IT Tech said 30-day cumulative demand improved from about -500,000 BTC a week earlier to roughly -75,000 BTC. Cointelegraph added that the improvement differed between markets, with futures demand moving from -295,000 BTC to slightly positive while spot demand stayed negative. The research suggested the bounce has been driven primarily by derivatives traders, while spot buyers remain cautious.
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