Investors Withdraw $105.96 Million from Spot Bitcoin ETFs

As of yesterday, withdrawals from spot Bitcoin ETFs amounted to $105.96 million. These withdrawals continued the trend observed in the previous days. One of the key reasons for the withdrawals was the volatility of Bitcoin's price. With Bitcoin falling below $63,500 yesterday, the market considered the withdrawals to be natural. So what are the specific details of these withdrawals?

🔸 Yesterday's Spot Bitcoin ETF Data

Yesterday, three Bitcoin ETFs showed withdrawals, while only one ETF had inflows. The other ETFs had zero activity. The largest withdrawal came from Fidelity's spot Bitcoin ETF, which was $45 million. The Bitcoin ETF called FBTC now has a total asset value of $10.72 billion.

The second largest withdrawal came from Grayscale, which was $34 million. GBTC has total assets valued at $17.84 billion. The third Bitcoin ETF to see withdrawals was ArkInvest, with $29 million. ArkInvest has total assets valued at $2.92 billion.

The only spot Bitcoin ETF to see inflows was Franklin’s Bitcoin ETF, with $2 million. The rest of the Bitcoin ETFs saw zero activity.

🔸 Where is Bitcoin going from here?

As we bask in the heat of summer, expectations for Bitcoin are building. BTC continues to be range-bound at this stage. Last night, Bitcoin fell below $63,500 and is trading above $64,000 at the time of writing.

BTC needs to reach around $70,000 to see gains. This scenario will also resonate in the altcoin space. Especially for altcoins that have seen a sharp drop recently, everyone is looking forward to their recovery. However, Bitcoin has yet to enable such a recovery. This situation has deeply affected the psychology of investors, causing many people to fall into a state of fatigue.

● Withdrawals from spot Bitcoin ETFs yesterday were $105.96 million.

● The largest withdrawal was $45 million from the Fidelity ETF.

● Bitcoin prices need to reach $70,000 to rise.

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