Cryptoslate diagnosed that the outflow of funds from Bitcoin spot ETFs is acting as a clear sell wall at a time when spot demand is needed for a market rebound. The media explained, "Looking at Bitcoin ETF fund flows, approximately $1.79 billion was net outflowed over the week from June 22 to 26. Of that, $1.3 billion exited BlackRock's IBIT, accounting for 73% of the weekly net outflow. ETFs still serve as a complex demand channel in the Bitcoin market, but at least for now, they are acting as the largest spot redemption channel. The next few trading days are very important. If IBIT's selling pressure slows down, this week could be a time when the market's fatigue with selling pressure is reflected. Conversely, if large-scale redemptions occur again, concerns about an 'ETF-driven sell wall' will further expand. The next few days are crucial."
