Bitcoin (BTC): $526 Million Evaporates from ETFs...Fails to Hold $65,000

▲ Bitcoin (BTC), Dollar (USD)/AI Generated Image

As Bitcoin (BTC) failed to hold $65,000, $526 million exited US spot Bitcoin ETFs over four days.

According to crypto media outlet Cointelegraph on July 29 (local time), US spot Bitcoin ETFs recorded net outflows for four consecutive trading days. The net outflow for the most recent trading day was approximately $49.8 million. Bitcoin briefly dropped to the $63,000 level during intraday trading.

According to SoSoValue data, the cumulative net outflow over four trading days totaled approximately $526 million. On July 24, about $240 million exited, and on July 23, about $225 million exited. The outflows from these two trading days alone accounted for the majority of the total.

Despite the consecutive outflows, the cumulative net inflow into spot Bitcoin ETFs remained at $51.3 billion as of July 28. Total net assets were tallied at $77.2 billion. These outflows occurred immediately after seven consecutive trading days of net inflows, totaling approximately $1 billion.

Darkfost, a CryptoQuant community analyst, stated, "For Bitcoin to return to a bullish trend, demand must revive, and market conditions must improve." Spot Bitcoin trading volume on major exchanges has significantly decreased compared to late 2024. Binance's spot trading volume in July was approximately $35 billion, significantly lower than $246 billion in November 2024.

Bitcoin briefly fell to $63,100, marking its lowest point since July 17. The failure to stabilize above $65,000, combined with a decrease in spot trading volume, led to four consecutive days of outflows from spot Bitcoin ETFs.

[Article Key Summary]

-Approximately $526 million was net-outflowed from US spot Bitcoin ETFs over 4 trading days.

-Bitcoin failed to hold $65,000 and briefly dropped to $63,100.

-Binance's spot Bitcoin trading volume in July was approximately $35 billion, a sharp decrease compared to November 2024.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*