Bitcoin spot ETFs posted a fresh net outflow on Wednesday as analysis said that their "most overwhelming" outflow streak had ended without a clear demand recovery.
Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs).
In new X commentary on Thursday, crypto investment company Swissblock called an end to the “most overwhelming” ETF sell-off in history.
“The storm has passed: The most overwhelming ETF distribution wave of this bear market has ended,” it wrote.
Beginning June 17, the ETFs saw ten straight days of net outflows totaling $2.7 billion, data from UK-based investment company Farside Investors confirms.
The cohort then began to reverse the trend, and saw over $500 million of net inflows over three trading days before a net $84.9 million outflow for Wednesday.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
Swissblock described the results as a “caveat” to the recovery signal.
“ETF accumulation is positive, but not yet strong. Institutional conviction is not returning with full force,” it added.
US spot Bitcoin ETF netflows. Source: Swissblock/X
As Cointelegraph reported, analysis sees overall demand as a key stumbling block on the way to a bullish market recovery.
Related: BTC speculators in focus as analysis says 'textbook Bitcoin bottom' is underway
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