Bitcoin ETFs recorded net outflows of $223 million on Monday after four consecutive days of net inflows.
Monday was the biggest outflow for Bitcoin ETFs in more than two weeks, according to SoSo Value. Last week, BTC ETFs saw a total of nearly $570 million in inflows for four consecutive days, pushing Bitcoin prices up to $72,000.
However, Monday's outflow caused BTC's daily trading volume to drop by 6%, forcing the price to fall to $69,000.
Bitwise ETF had the largest single-day net inflows at $40.3 million. However, nearly $303 million was withdrawn from Grayscale's ETF, GBTC.
Since the SEC approved ETFs in January, Bitcoin market trends have largely driven net asset inflows into these products. With the London Stock Exchange also preparing to launch a Bitcoin ETN next month, institutional funds will continue to play a larger role in token market performance.
Analysts are divided on how the BTC market will perform in the short term as the halving approaches. Industry experts such as Anthony Scaramucci and Mark Plummer emphasized that the market is in an early bullish cycle that will continue after the halving, with the largest cryptocurrency reaching levels above $150,000. .
However, not all investors share the same sentiment. A survey released by Deutsche Bank earlier today showed that 30% of investors expect Bitcoin to fall below $20,000 by the end of this year.
