Bitcoin ETF Outflows Persist for Seventh Consecutive Day

On June 24, holders of BTC-ETF shares reduced their positions by $174.5 million, according to SoSoValue. This negative trend continued for the seventh consecutive day.

Investors withdrew $90 million from Grayscale’s GBTC, $35 million from Fidelity’s FBTC, and $21 million from Franklin Templeton’s EZBC. Other products either saw no change or outflows up to $10 million.

The persistence of this negative trend was fueled by growing pessimism among holders of digital gold. On June 24, Bitcoin reached a nearly six-week low below $59,000, before recovering to $61,000 at the time of writing.

The trigger for the price drop was news about Mt.Gox preparing to make compensation payments in early July.

In the past two weeks, outflows from cryptocurrency investment products have reached $1.18 billion, according to CoinShares.

Analysts attributed the shift in sentiment to the publication of the Federal Reserve’s key rate forecasts, which fell short of expectations.