Bitcoin (BTC) exchange-traded funds (ETFs) in the US market yesterday recorded their sixth consecutive day of capital outflows. In total, they have seen withdrawals of $800 million over this period, which has affected the price of the digital currency.
Although, it should be noted that The departures recorded yesterday were of a lower proportion than the previous dayswhich shows less downward pressure for the coin. These have been USD 37 million, representing just 12% of the views the previous day which were USD 287 million.
The previous days have also seen lower outflows, which were USD 175 million, USD 71 million, USD 105 million and USD 125 million, respectively. This can be seen in the following graph.
Bitcoin ETF inflows and outflows per day in the US market since launch. Source: Sosovalue.
Beyond the reduction of exits, The persistence of this behavior implies a source of downward pressure on the price. of the currency. This is because these ETF invest directly in bitcoin. This means that the management companies buy bitcoin in proportion to their capital inflows and sell in response to outflows.
In the midst of this scenario, the price of bitcoin fell yesterday from USD 58,000 to USD 55,000, its minimum in a month. And, since then until the time of this writing, it has been sideways between these levels, as shown in the following chart.
Bitcoin price over the past month. Source: TradingView.
If ETFs end today with capital outflows, they will equal the longest period of time they have experienced this behavior in the past. They have never before seen more than seven days of bitcoin sales together, so they would set a new precedent if this trend continues until tomorrow.
The Bitcoin ETF trend could be about to change
According to analyst Juan Rodriguez, It was to be expected see capital outflows in ETFs these days due to the influence of SeptemberThis month has historically been bearish for the markets in light of the northern hemisphere summer, a season in which economic activities pause for vacations.
With the cut of interest rates expected in the United States in the middle of the month and the beginning of autumn at the end, Rodriguez projects that the trend will change. He does not rule out lower prices for bitcoin in the first part of September, while a recovery later. In this sense, is made possible a period of high volatility.
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